If he outlives Louis XIV, is it possible to butterfly the succession war entirely?
Let's assume that the butterflies of allowing Charles II to live until 1720 prevent the Bourbon family from being ripped to shreds -- Le Grand Dauphin does not die in 1710 and small pox does not steal away the Duc and Duchesse de Bourgogne, nor the Duke of Bretagne (Louis XV's older brother). The Bourbon family is thus quite extended -- Le Grand Dauphin has three sons and presumably some grandsons as well.
It could also allow the Emperor Joseph to allow his son to survive -- thus giving the Habsburgs a viable candidate, rather than a man who would unite the Habsburg territories as they were in the 16th centuries.
These could all be mixed. If Joseph's son survives but small pox and deaths still decimate the Bourbon dynasty -- I can see Philippe d'Orléans as Regent of France seeking to distance himself from the aggressive legacy of Louis XIV and supporting a partition treaty of sorts with the Great Powers that will allow Archduke Charles to inherit Spain, but at the cost of the Lowlands and Milan, and perhaps the Kingdom of Naples & Sicily to Philip. We would probably see a second Spanish Succession War ITTL barely ten years later, when Charles VI dies without a male heir -- perhaps Philip of Anjou gains Spain then, or somehow the claims of the Habsburgs and Bourbons are fused at this point -- Philips son Louis, or Ferdinand (or whatever he might be named ATL) could easily marry Maria Theresa...
Likewise, if we see Le Grand Dauphin inherit the throne as Louis XV, we could see a scenario of a war in the 1720s between the Houses of Bourbon and Habsburg, the hot-tempered and young Leopold II (surviving son of Joseph II) endorsing his uncle Charles against Philip of Anjou.
Or even a scenario where the Bourbon candidate is favored over the Habsburg because Charles VI is Emperor and no one wants the thrones to be united...
I would also see the possibility of a neutral candidate being suggested, if Charles VI is Emperor, but Philip of Anjou is around too. Considering how melancholy Philip became in later life, I could see the French court (whether under Le Grand Dauphin, the Regent Philippe, or anyone else -- one of Louis XIV's bastards as Regent, ect) deciding not to endorse him, or maybe to endorse the Duke of Berry instead, if he still alive ATL (as the Duke of Berry was to be next in line for the Spanish throne should Philip refuse it).
There are many possibilities and many ways for this go, depending on the butterflies, and how you would want for the scenario to play out. Sorry if this post seems confusing, I am quite tired, but I find this idea quite interesting.