An Earlier Habsburg-Valois Wedding

There were plans to marry the future Felipe II of Spain to Marguerite de Valois. Unfortunately due to the Franco-Habsburg rivalry flaring up again he married his Portuguese double first cousin (because it's the Habsburgs, plain first cousin just wouldn't do:D) and she remained a spinster until age 36 when she married the duke of Savoy (Felipe's other cousin).

But what if this match had gone through? No Don Carlos to contribute to the Black Legend, obviously, but what else?
 
There were plans to marry the future Felipe II of Spain to Marguerite de Valois. Unfortunately due to the Franco-Habsburg rivalry flaring up again he married his Portuguese double first cousin (because it's the Habsburgs, plain first cousin just wouldn't do:D) and she remained a spinster until age 36 when she married the duke of Savoy (Felipe's other cousin).

But what if this match had gone through? No Don Carlos to contribute to the Black Legend, obviously, but what else?

If she lives as long as she did IOTL, Philip can't marry Mary I of England, and so other guy should be found for her.
 
If she lives as long as she did IOTL, Philip can't marry Mary I of England, and so other guy should be found for her.

Edward Courtenay if we're gonna go native.
The duke of Beja if we're shooting for Team Habsburg
The duke of Brittany or the king of Scots if Team Valois is looking good at the time.
 
IOTL there already was an earlier significant Habsburg-Valois wedding, but with different Valois cadet branch.

Maximilian I of Austria from the house of Habsburg married Mary the Rich from the Valois-Burgundy dynasty.

The OP suggests a marriage between Philip II from the Spanish branch of the house of Habsburg and Margaret from the house of Valois-Orléans-Angoulême.

Philip II might be left with less inbred offspring and thus on the longer run potentially 'healthier' Spanish Habsburgs, at least genetically. Also the (double) first cousin marriages was something the Habsburgs inherited from their Iberian relatives, the Trastamaras and Aviz.

Politically France and Spain might be somewhat less at odds with each other, but there still are reasons from certain conflicts.
 
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