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RE: Bitcoin Cash Mining Profitability Touches ~140%, Bitcoin Core At Risk Of Catastrophic Effective Difficulty Spike If Miners "Defect" To Bitcoin Cash - BCC Emergency Difficulty Adjustment (EDA) Explained
I don't know what exactly would happen to alt-coins if the Bitcoin (Core) market cap all leaked into Bitcoin Cash. It could really go either way:
Fear in the markets causes consolidation around the perceived safest options, which would probably be whichever Bitcoin was going up at the time and maybe Eth. This could draw capital from alt-coins.
Fear of Bitcoin Core being usurped by Bitcoin Cash causes Bitcoin Core money, much of which is in weak hands having bought on the recent run-up, to diffuse out to alt-coins including Bitcoin Cash.
As you said people could be drawn to altcoin but at the same time if they'd fear Bitcoin Cash rising up then it would make more sense to diversify into BCH than altcoins. We'll see for not Bitcoin is still holding strong.