The warmth and the feel-good aspects of King's Speech would have prevailed over the cold preciseness of Hurt Locker in my opinion (of course, I never understood what all the fuss over Hurt Locker was about), but Bigelow would still have won Best Director.
And, of course, King's Speech could have won Best Picture while Jeff Bridges still received his award. Just think of All About Eve, Schindler's List, Out of Africa, Casablanca, Rocky, A Beautiful Mind, Chicago, etc etc.
Putting aside the famous Davis vs. Swanson scenario, I think A Beautiful Mind is the only film akin to The King's Speech insofar as to speak of the film is to speak praise of the lead performance (which, in the case of Howard's film, I am not). The King's Speech certainly could win Best Picture last year, but aside from that I doubt it would win Best Actor over Jeff Bridges, Best Supporting Actor over Christoph Waltz, Supporting Actress over Helena Bonham Carter, Original Score over Up, Film Editing over The Hurt Locker, Art Direction over Avatar, Costume Design over The Duchess, or Cinematography over anything. I think the only award it could conceivably win in tandem to Best Picture is Best Original Screenplay, but we're talking about one of the lowest awards tallies in Academy history.
All speculative, mind you, but I think it's fair to say that The King's Speech certainly could win the Oscar last year, much to the dismay of viewers.