Even further, since dispensationalism involves different means of redemption at different time periods and a different plan of redemption between "Israel" and "the church" it becomes inconsistent even with the basic, 5 point, Calvinist soteriology.
This is what I was trying to get at.
A Calvinist viewpoint within Covenant Theology points to a God who always had the plan to save his elect. In dispensational theology it would seem that the Calvinist position changes a little and God' plan is divided between literal Israel and Church. Also within that is the idea that there was, and will be, a different type of salvation with literal Israel. Is this correct?
A huge topic.
You may want to search some past threads on dispensationalism.
Dispensationalism has mostly retreated from its original position (late 1800's) which implied different means of redemption at different time periods. But if you read Darby and Schofield this is implicit, even explicit in a few places.
Starting in the 1950's, when the system first really began to be challenged, people like Mr. Dwight Pentecost began to retreat from that, acknowledging that salvation was by grace through faith, even in the Old Testament. One might ask what the "dispensations" (seven originally) are for then!
In this generation, it focuses on a separate plan of redemption for those who have some Jewish ancestry and the church. Contradictions galore- the church is the Body of Christ- how can there be redemption outside of the Body of Christ?
One of the biggest interpretative differences:
Dispensationalists interpret the New Testament in light of the Old (but only for prophecy).
Covenant theology interprets the Old Testament in light of the New.
Many, in both views are not aware of this- but it leads to different interpretations. Covenant theology sees fulfillment in Christ, Dispensationalism ignores Christ's fulfillment in His life, and resurrection and jumps ahead to "earthly promises for an earthly people" (as opposed to "spiritual promises for a spiritual people," the church).
In the 1950's, dispensationalism still held eternal separation of people with some Jewish ancestry from the Body of Christ.
Now, dispensationalism has retreated and says the two will get together, eventually in the future state of Glory. One might ask why are they separated?
Covenant theology says they have, are and forever will be together, in Christ. They are together right now, by grace, through faith in Christ's righteousness alone.
You will want to read Kim Riddlebarger's,
A Case for Amillennialism, which is written from his background as a former dispensationalist.