I'd need to be reminded just where in the process of reform and reorganization Gorbachev was as of that date. For instance, there would be no "early Presidential elections" if he had not yet unveiled or begun to implement the fundamental reorganization of Soviet government. On paper the individual at the head of the Soviet government was elected by the Supreme Soviet, and in reality the true leader of the USSR would be whoever (or whatever, in case of Troikas etc) headed the Communist Party. Gorbachev took steps to divorce political leadership from one party rule--but when, relative to November 7, 1990? Before or after?
Obviously the authority of the Party was slipping or he'd never have survived revealing such plans to the Politburo.
I feel that the reform of governmental form that created an elected President of the USSR might have already been a done deal but if it was not, perhaps announced as a proposal but not yet approved, the outcome is a roll of the dice between a more conservative Politburo reining in the reforms--perhaps not all the way, but taking steps to re-affirm Party supremacy (after which the Soviet system would shamble on a few years until reaching a deeper crisis, most likely, though some kind of reforms that keep the Party in power indefinitely might not be strictly ruled out), or Russia falls in some degree of disorder, amounting to a mild if lucky, terrible if less lucky civil war. Possibly Russia fragments?