I see it the other way: James has to kowtow to English interests. bowing to the French is the quickest way an early grave. The Stuarts owe English/William for the crown - they installed him, not Louis.
At the point of ascension/POD, the Bourbons are attempting to gain overwhelming world hegemony, to the detriment to England. Louis has been extremely bellicose, acting under the assumption that war was inevitable, thus creating a self fulfilling prophecy. James, the Catholic boy king seen as French influenced foreign raised, is going to acquiesce? that'll go over like flatulence in church. As you/VVD said, it'll be mostly advisers doing the ruling. They're going to advise staying in power. The foreign army is far away, fighting continental armies. there is some slim room for compromise, but the French have to compromise, too. OTL, France opted to go for it all, and were well on their way when James II died/POD begins. France has to reverse course, step away from the brink of war, and make a significant concession. they aren't going to do that when they think they have a novice boy king in their hip pocket. France will forge full steam ahead, which England cannot accept, no matter what James wants. IF James III being invited to England as English recognized heir causes both sides to bend, war (France/England) can be averted, but the POD is too 11th hour to make that realistic. Realistically, war can only be averted if England implodes in civil war. OTL, we've seen how much action Louis puts behind his support of the Stuarts, which is not much at all. There'll be a nice castle waiting for you James, if you get out alive. In the meanwhile, excuse us as we take over Spain and the continent.
Keep Carlos II alive another year or two, so that James III is in the line of succession when the crisis hits. Now you're introducing yet another POD, and there's too many already.
So, English involvement in the war is inevitable then, in your view? Also, when James does come of age, would his advisors willingly hand over power or would there be a struggle there?