I thought it more intriguing that Picard would be saved & that would be the catalyst to have Riker be a hero who is promoted up. It really did seem to be the shape of things, given how Riker looked in pt. 1, stagnant & depreciating with each passing minute
Pity that some of the liberties that shows can take now with their cast weren't as widely accepted back then. If any show of that era had the capacity to venture into the decision to periodically replace a character in its core, TNG was definitely the candidate, because they could have expounded on the theme of it's former seasons, more than what they did in the later ones
Tasha dies
Worf is reassigned
Geordi is reassigned
Guinan comes aboard
Beverly leaves
Pulaski is commissioned
Beverly returns
Barkley is introduced
Wesley leaves & returns in guest star capacity
Ro does similarly
Frankly, Riker could have done very much the same. Perhaps returning for the Tom Riker episode, at which time Tom could have joined the crew, thus making the Pegasus episode about Tom coming forward to face the music, instead of Will, the fallout of which could have had an impact on Captain Will, wherever he be
With a core as stable as Dorn, Spiner & Stewart, I think the show wouldn't have suffered much by having Frakes' Will Riker become a recurring character, like Lwaxana or Q, at least until Tom surfaced.
I'm a big supporter of mixing things up like that