PC: Moderated Lochner Era

So here's the scenario as I'm seeing it:
  • Teddy Roosevelt gets the GOP Nomination at the 1912 Convention, and subsequently wins the election as a Republican.
  • When a vacancy opens in 1914, he appoints someone fairly progressive, much more so than James McReynolds (who Wilson appointed OTL).
  • Later that year, Coppage v. Kansas is argued before the Supreme Court, with the issue before them of whether outlawing "yellow dog contracts" falls within the purview of state police powers;
    • our fairly progressive Justice joins with Justice Holmes in calling for Lochner to be overturned, while William Day (again, as OTL) writes a more moderate opinion joined (as OTL) by Justice Hughes, saying the state's law is consistent with said precedent;
    • and Justice McKenna, who OTL joined five other justices in striking down the law, decides to join with Day, making his the de facto opinion of the court.
  • When Justice Lamar dies (late 1915, or as OTL early 1916), TR nominates another fairly progressive justice, though this one considerably less liberal than OTL's choice, Louis Brandeis. Also, Justice Hughes does not leave the court to run for President.
  • Adams v. Tanner and Hammer v. Dagenhart, which were both 5-4 decisions OTL, are changed each by one vote; as such, state laws which regulate employment agencies and child labor respectively are upheld (much earlier).
So, what do you guys think? Is this series of events plausible? And if so, what are the effects (on US Law, on the economy, etc)?
 
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