I think he would have followed the same path, just a slightly different time table. He might have been able to pull off a big Wrestlemania match, maybe not main event level though. I think he still would have gone the Hollywood path, and had the same level of mixed success. Bit roles in a couple of Arnold's movies or the equivalent.
He'd have still been a seemingly paranoid character though. I just think the major diff. would have been making a bit more money before becoming an announcer and leaving for other ventures.