I was actually thinking about this a few months ago. Its hard to say what kind of ruler Louis would have been but the immediate problem I saw was with his stepmother Elisabeth Farnese and potentially with his half brother the Infante Carlos. Elisabeth dominated Philip V and would surely be unhappy to loose power at the Spanish court. Furthermore the futures of her children are in doubt. Would Louis I be willing to support Carlos in his campaign to capture Naples and Sicily during the War of Polish Succession? I tend to think he might instead remember the Spanish defeat in the War of the Quadruple Alliance, the last time they invaded Italy and instead stay out of it, after all it doesn't benefit Spain so much as his half brother. I think he may follow a path of careful neutrality much like Ferdinand VI would later try for a time.
Having said that I wonder if Elisabeth might pursue a marriage with the Habsburgs more vigorously. IOTL there was a Treaty to marry Carlos to Maria Theresa but it came to nothing after the Franco-Spanish rapprochement. Might she see this as the best bet of securing a future for her sons? Of course as an Infante I think Carlos would need the approval of Louis to marry. Otherwise he probably marries Louis' sister in law Philippine Elisabeth.
This brings up the second problem. Louis' Queen, Louise Elisabeth d'Orleans, is unlikely to give him an heir, in fact she is probably going to be a disaster as Queen given her apparent instability. Given that his brother, OTL's Ferdinand VI, had no heirs either there will be probably be pressure on Louis to get an annulment and remarry to produce an heir. I would also expect lots of scheming from Elisabeth Farnese (trying to get Philip V to intervene on her son's behalf maybe). And just what Philip V does in his retirement is another question. So in the final estimation, probably better than Philip V but not by much.