If the Arkansas' engines had not failed, and if she had participated in the battle of Baton Rouge as intended by interfering or neutalizing Union naval bombardment of Confederate land forces and if the Confederates had re-taken Baton Rouge then the Arkansas would have a base of operations. Alot of if's for sure...but possible. In fact the Confederates pushed the Federals back to their defensive lines near the river...where the gunboats helped stop the attack. The Arkansas could have done a great deal to counter the US gunboats just by diverting their attention to herself.

Its all speculation of course but with Baton Rouge in Confederate hands and the Arkansas cruising the river between there and Vicksburg it would have given the South control of a huge chunk of the Mississippi.