Let's just review Madara's plan shall we?
Step 1: Gather the Bijjuu
Step 2: Revive Madara
Step 3: Revive Juubi
Step 4: Become Jinchuriki
Step 5: Cast I.T.
Now, If Madara had been revived properly, he would have been a weak old man fighting the juubi, and Nagato wouldn't be dead because he only revived one person, and the thing that makes GRT Kill you is lack of Chakra. So, Madara would either get beaten up by pain one he tried to take the rinnegan, Get beaten up by the juubi once he took the rinnegan, but was to old to use it well, Or just died of old age again.
Frankly, he would have been sunk if not for Kabuto reviveing him, and Orochimaru Reviving Hashirama so he could steal his Senjutsu.