How would this affect France and Spain? Does the French Revolution still happen (on schedule)? It's likely that the problems with the estates aren't resolved (in time)? How does this change the French Revolution?The validity of Philip V's renunciation is disputed since even before he signed it.
Anyway, Louis XV being female is a POD that comes before the Treaty of Utrecht. It is likely that, after the death of his older brother and nephews, Philip V would abdicate the throne of Spain in favor of his younger brother the duke of Berry (as Carlos II's will provided it) and come back to France.
Philip becomes king of France as Philippe VII of France.
His brother becomes king of Spain as Carlos III of Spain.
What of Spain? How would Carlos III operate for Spain? (Or would he just be incompetent?)