No problem with the timing whatsoever.
From reading the years' worth of articles, going back to 1974 citing Felt as the likely Deep Throat, and seeing that going back a few years Felt was bubbling to the surface in a number of articles as the one, and knowing Vanity Fair was working on it and went to press, no, I'm sorry, but I don't perceive a timing issue here.
Waiting until the Senate had reconvened, you might have a point that there was some effort to distract, but frankly, even then I'd see that as kook conspiracy talk.
It sounds like some would say the timing is suspicious no matter when the story emerged. During a lull after Memorial Day does not strike me as an optimum distraction plot.
LOL, you mean my tinfoil hat has failed again?