Page Smith, "The Election of 1796" in Arthur M. Schlesinger, Jr., Fred L. Israel and William P. Hansen (eds) History of American Presidential Elections 1789-1968, Volume I 1789-1824 (New York: Chelsea House Publishers 1985), p. 77, has an interesting comment on this:
"The consequences of Jefferson's election are equally conjectural [as those of Pinckney's], of course. If the Virginian had indeed tried to reverse Washington's foreign policy, he would have found himself in a severe contest with the Senate, which was still a Federalist stronghold. In such circumstances he could have acquiesced in a foreign policy that was basically Federalist, in which case the powers of the President in the field of foreign affairs might have been seriously compromised, or conversely, he might have looked to the Republican House for support, thus intensifying the split between the two branches of Congress, which at the time of the Jay Treaty seemed to many observers to threaten the survival of constitutional government.
"The most likely outcome would have been, as Adams conjectured, that Jefferson would, under a smokescreen of mildly pro-French sentiments, have followed a foreign policy not very different from that of his predecessor. It was, after all, the charge of the Republicans not so much that the Federalists were hostile to the French but that they were subservient to the British. The responsibilities of office almost invariably have a moderating effect on those who have to pass from the relative freedom of the opposition to the severe limitations of a practical situation. If Jefferson had followed a substantially Washingtonian path, he would soon have fallen out of favor with the more radical among his supporters. The Federalists, as the opposition party, might have consolidated their strength under the leadership of Hamilton, while Adams, as the defeated candidate, withdrew to Quincy, leaving the moderate group of 'Adams Federalists' leaderless and the party, in consequence, more conservative than ever. It is at least conceivable that the Federalists, under such circumstances, might have returned to power in 1800 with results difficult to calculate."