In 1972 you're not going tomput the toothpaste back in the tube, so we aren't going back to segregated schools. Bear Bryant won't let the SEC go back to all white. You'd see opposition to busing and affirmative action, and that opposition would be popular outside the South. The South by this time has begun electing reformist Democrats like McKeithen and Edwards (not yet a known crook) in Louisiana, Carter in Georgia, Waller in Mississippi, and Bumpers in Arkansas.
By the time Wallace takes office, the Vietnam peace agreement is a dine deal. So is Roe v Wade, although it hasn't been announced yet. Wallace will basically offer a lot of impotent rage on social issues. On the economy, he'll be greeted immediately by the first oil shock and stagflation. On foreign policy, he might want to start wars but public sentiment and Congress won't go along.
The long term effect is the air is taken out of the Southern Strategy. Democrats take a reputation hit with black voters due to Wallace's history, and Republicans give up on trying to flip the South. A Rockefeller Republican defeats Wallace in 1976, and likely takes another crack at national health care. (Nixon gave us OSHA and the EPA...the new President will basically be Nixon minus the corruption and paranoia.)
If 1980 is a bad year for the US, a Northern Democrat takes the White House in 1980, or Reagan mounts a primary challenge and ignores social issues, instead arguing that we need to try something different with the economy.