Schmeling has his share of disappointing losses before he fought Louis. If he retired after beating Bradock, I think he might rat a bit higher than where he is now, however Louis ranking would slip a few spots for sure.
If Louis got to go on and do everything else he accomplished, it would make Schmeling a top 5 heavyweight. I'm glad it didn't happen that way. Hitler would have used it as his prime example of his superior race theory.