No. The President shouldn't touch it. It's the AG's job. But I agree nothing will happen.
I agree that the President shouldn't be publicly seen to be dealing with it personally. That was clinton's error, constantly and vindictively intervening in the Justice Department's business to punish his enemies.
BUT, the president has a duty to advise and instruct his Attorney General concerning policy. It would be a poor government where the president didn't oversee, and correct if necessary, the work of his cabinet and other officers.
There are clearly both legal and political issues involved: Was it a crime? Would it be politically prudent to prosecute? Would prosecution likely succeed? What does duty to the country demand?
But in an overwhelmingly important case like this, the president has every right to consult with and, if he feels strongly, instruct his Attorney General how to proceed. Not to do so is dereliction of duty.