The most likely scenario is an initial setback for ARVN, and then they hold the line. Long term is the same, but eventually the ARVN loses the war once the NVA gets a lucky breakthrough.
The strategic problem for the ARVN is that being solely on the defensive, the NVA can always recover from mistakes, build up again, and launch another attack. As long as they continue to get support from the USSR and China, they can keep mounting offensives.
The US keeping ARVN supplied only negates the supply issue. It does not change the fact that by being defensive only, the ARVN can never adequately punish North Vietnam to not risk war.
There is a small chance that if ARVN can hold on to most of the south for a decade or more, that South Vietnam becomes successful enough to consider mounting its own invasion of the north - either by its own initiative, or most likely by a counteroffensive. If that happens, then North Vietnam might actually honor the peace and cease its attacks allowing for a permanent division. I would give no more than a 5-10% chance of that happening. It's possible, but not very likely. If we add American airstrikes over South Vietnam against the invading NVA, then the percentage that South Vietnam survives long term increases.