Thatcherite and proud of it.
I'm surprised that he had to ask you RB!
My journey to being a Thatcherite is long and full of twists as first I was a Blairite then a Brownite then a Bennite then a Powellite and finally I became a Thatcherite after the shitstorm that was Lisbon treaty.
You've never been a Camaroon then?
As I explained to a mate today, I'm basically a Gaitskellite, centre-left Keynsian economically, civil libertarian, assertive foreign policy, I'm a total patchwork of unworkable ideas!
Anyway. The most obvious way I can think of regarding Powell becoming Chancellor (which I still see as unlikely, he simply wasn't the great political figure so many make him out to be, he was a great intellect and theorist but otherwise a lackluster Minister who should have really remained in academia) would be to butterfly away "Rivers of Blood" (let's say that he is taken ill before the Tory Conference) and remains as Shadow Defence Secretary. Have the Tories win in 1970 (perhaps with a larger margin than in OTL thanks to the anti-immigration Powell being even more associated with the rank-and-file Party). Assuming Macleod dies early in his period as Chancellor, Powell is pushed upwards to Number 11 to appease the Conservative right. His period in office is marked by a more assertive start to neo-Liberalism, perhaps with the Selsdon Manifesto (as it was) being narrowly adopted in the face of opposition from from One Nation wing.
If the Conservatives lose the next election (which I think would happen if strike actions are more pronounced owing to Powell's more hardline policies) Powell would perhaps stand for the Leadership if Heath is forced out. However, assuming Thatcher doesn't stand, my gut feeling would be that he looses owing to his more divisive and high-profile status in the party. Whitelaw or Howe become Leader of the Opposition instead and Powell perhaps goes to the Lords.