There is no way that TWA could assist with the Hadj uplift, without cutting other services, reconfiguring their aircraft and actually finding the aircraft with which to do it. Having service to the Middle East is not justification enough for an airline to operate flights for the Hadj pilgrimage. It is an operation on a mammoth scale, for which many months of planning are required. If Tower was to fold, and here is hoping, you would most probably have an airline such as Evergreen or Air Atlanta Icelandic step in with some of their un-utilised aircraft.
There is also no way, if El Al took over Tower, that they would keep the Hadj contracts. Not so much that Arab airlines would not charter them (remember countries like Jordan and Qatar are on friendly terms with Israel these days), but that Saudi Arabia would not allow an Israeli airliner to land on its territory, out of consideration in insulting the rest of the Islamic world.
My personal opinion is to let Tower go to the ground (six foot under) and let other airlines pick up the slack. I am sure that UA or AA or one of the other US carriers would like to operate services to TLV (if they don't already). They have a shocking reputation in the industry and by El Al buying them out, this will give LY baggage which it, or any other airline, really does not need.
Take a look at http://www.idemandloyalty.com
for an employee's look at Tower Air.....eye opener for sure.