Correct me if I´m wrong, but wasn´t the chancellor actually far more powerful than the president?
Very simplistic answer: at this precise point in time, no. By 1932 power was increasingly shifting away from the Reichstag, where after 1930 it was difficult to get anything done because of the surge in support for the anti-Weimar parties. Brunning et al increasingly relied on the President's power to sign into law emergency legislation.
Add to that the fact that the President could appoint pretty much whoever he liked as Chancellor (and Hindenburg increasingly did just that - Hitler had to beg him for months to appoint him, despite the NSDAP being by far the largest party in the Reichstag) and Hitler would be in an impregnable position as President. It's irrelevant who Hitler would appoint as Chancellor (And personally I think he would probably appoint a conservative/Junker nonentity, dismiss them at a later date, and then simply absorb the Chancellorship into his position as President - a simple reversal of OTL) - whoever it was they would be no more than a puppet. Hitler would then either just coup the entire democratic apparatus, or call fresh Reichstag elections, in the hope of a Nazi majority (which he would almost certainly get) to allow him to do precisely that with a bit more legitimacy.
Of course, all this depends on Hindenburg and the people around him accepting the result, which I think they very like would do, but its by no means a given. Papen, after all, simply permanently dismissed the elected government of Prussia when it started to get on his nerves.
If they don't, then the bottom line would be OTL's 1934 power arrangement two years earlier. That could have all sorts of interesting butterflies down the line but I can't think of any absolutely direct consequences.