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I think a likely outcome would have been an arms race. Certainly Fëanor had the technical skills to continue to construct new and better weapons, to which he would have devoted all his energies trying to force his way into Angband and regain the Silmarils.
Of course Morgoth did devote all his energies into creating more fearsome monsters, which eventually allowed him to break the siege of Angband and drive the Elves south.
Certainly Morgoth would have had a harder time doing this if Fëanor had been around to counter him.
On the other hand, there probably would not have been the 450 years of peace before the Dagor Bragollach during which the Edain became enlightened by their contact with the Elves. Fëanor certainly would not have been interested in constructing anything but weaponry until he had regained the Silmarils. It seems that for Men, their contact with the Elves might have given them lots of military technology but not much wisdom or culture.
In short, the War of the Jewels might have looked a lot like WWI, perhaps a reason the Tolkien didn't write the story that way.
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