Wallace would have made a terrible President. He would have let the USSR dominate all of Europe, and say it was a good thing, too.
But he would have started to enact Civil Rights stuff for African-Americans and made the New Deal stay strong.
No he wouldn't. He wouldn't have been able to get anything done, and may well have killed the New Deal.
I agree with EMD that had Wallace stayed on the 1944 Democratic ticket and had become President of the United States upon the death of President Roosevelt in April 1945, that a Wallace Presidency would have atleast tried to implement Civil Rights agenda, though considering Wallace had enemies to fight in both his own party and in the Republican Party, Ben is correct that he wouldn' have been able to achieve anything as President.