This thread chalked up a lot of speculation, very fast.
But I don't think my original premise is "speculation," other than in the dictionary sense. Felt is at bottom an opportunist who will--and would--do anything to advance his own cause. Therefore, as head of the FBI, he would have at least dragged feet/done nothing on Watergate...at most proactively engaged in running the investigation off its tracks.
I tend to doubt it. That was against his core beliefs. He admired Hoover for resisting compromising the FBI. His life was the FBI and its code of honor (twisted as it was sometimes back then).