Egypt's military threats against Ethiopia over the latter's dam-building plans on the Nile are so ridiculous that it is pointless to even discuss the distances involved and the available forces.
Egypt should take what Ethiopia offers because if Egypt refuses Ethiopian offers Egypt has no military option to stop Ethiopia from building dams on the Nile.
Even if you could imagine some successful way to blow up dams in Ethiopia, what would Egypt do if Ethiopia simply fouled the waters of the Nile to make what reaches Egypt less than worthless to Egyptians? Ethiopia might even get Sudan's cooperation to move the point of poisoning further north.
I mean, if it is total war over water that Egypt wants, Ethiopia has the upper hand, gravity-wise.
UPDATE: Again, Egypt's military options are extremely limited. And it seems unlikely that Sudan would help Egypt.