Not as much as it first seems I think. If you remove FB there’s now nothing to spend your CP on besides refreshing bleeds. So you’d simply always use the one with the lowest remaining duration and you’d never have to worry about their pandemic timers or that whole management aspect of it. We’d need to keep a way for Feral to dump CP on raw damage when there isn’t anything to refresh.
For the record, your idea is also very similar to taking the talent Savage Roar, it’s not a bleed but it is something that required constant uptime and using it and Bloodtalons AND Jagged Wounds was the go-to build for Feral in early Legion. What a time to be alive that was. I’d be lying if I said I didn’t enjoy that style but there’s a reason I called those three talents the unholy trinity at the time. They created a hugely complicated management style that was possibly the largest wall for new players Feral has ever had.