In regards to physical changes following cessation of smokeless tobacco use you need to distinguish between the long and short term changes.
In reference to the risk of cancer, which can only be detected at the population level after time, the differences between users of smokeless tobacco and those using no tobacco at all are quite subtle. Compared to the vast difference between smoking and using smokeless tobacco (10 compared to 1.1) or smoking and not using any tobacco (10 and 1.0), it is difficult to be certain of any substantial differences between smokeless tobacco use and not using tobacco (1.1 and 1.0). Some researchers have written that once relative risks fall below 2.0, it is difficult to be certain of the effect. In regards to short term changes, any leukoplatia should disappear and any risks from the nicotine itself (it is plausible that there are small risks for stroke or heart disease). And you are correct, these are the same few small changes that could occur if you started using smokeless tobacco (if not using any tobacco to begin with). If you were a smoker, switching would have the effect of removing a host of effects, radically diminishing others and maintaining the cardiovascular effects of nicotine.