First, Thor would have flopped. HHH would have ruined Thor. He is not a "good" actor. I also heard that WWE had a "no wrestlers" policy (that Batista had to fight against to get his role). Who knows if that's true. I very much doubt HHH was in true consideration for the role and it was probably more something like "Yeah, a guy who looks like HHH but can act."
Past that. You're right, we probably would have seen less of a shift toward smaller guys and good workers. We'd probably be seeing way more Rybacks and AJ Styles. Other smaller guys probably wouldn't have even been signed and NXT would probably be less developed.
But HHH is a wrestling guy. I don't think he could or would truly leave wrestling, even if he were offered a role like that and did well in it.