Well, McGovern would probably perform drastically better in the South, but worse everywhere else. he may lose all 50 states in spite of this.
Massachusetts was one of Wallace's best states outside the South. He won Boston in 1976. I don't think he would have cost McGovern many votes to Nixon in '72.
I think we all naturally underrate Wallace's popularity at the time given our current historical moment. He would not have gained many states for McGovern, but I think he would have narrowed the gap in a hopeless race.