All your hopes will quickly collapse, because more than 80% of video cards mine Ethereum. Profit will be only for miners with modern video cards and cheap electricity. Not one of the currently known coins can accept even 20% of the current ethereum hashrate, because the profit will be close to 0.
If the profit goes close to zero, I don't see why so many people will keep mining with high operational costs. Most of them will quite over time and this will lead to changes in the hashrates of different coins downwards.
So in the short term we might see an influx of previous ETH miners into other altcoins.
In the Long term, everything returns to normal or at least close to normal balance.
Exactly what I pray for, lower difficulty higher rewards but only when USD value of these coins sucks, I mean who doesn't want 1000 FLUX 5000 ravencoin etc in their wallet for long term? Lower difficulty will get you there faster.