Well, if the English were unable to defeat the Dutch in coalition with France, as shown by the
Franco-Dutch_War, I don't see what chance they would have against France. That said, in the colonial sphere, whatever the French possess at this point will be easy game for the allies...but so will the continent for France. The main obstacle, IMO, is the Swedes....I'm not sure to what extent their army was superior to those of the West, and perhaps I'm overestimating them...they were beaten by the Russians after all.
As see it, the Swedes would be forced to keep most of their force defending their own territories anyway. The Russians and Danes, after all, would liokely jump at the opportunity to take on a distracted Spain, ala the Great Northern War. And, as the Franco-Dutch war link shows, if the French hadn't foolishly stopped their advance to negotiate with the Dutch, they would perhaps have reached Amsterdam.
The primary question in the war is the actions of the Habsburgs and other Germans. The Austrian Habsburgs are unlikley to pass up the opportunity to humilate the French, but would the rest of the Holy Roman Empire follow in their steps?