These are what we call the 'YMMV items.' Things that some people find in this work. We call them 'your mileage might vary' because not everyone sees these things in the same way. This starts discussions in the trope lists, a thing we don't want. Please use the discussion page if you'd like to discuss any of these items.
The original ending took the stance that she was indeed the latter.
Is Jim McAllister simply a member of the Noble Profession whose entire life was destroyed by Tracy? Or someone who couldn't admit to himself that his marriage was falling apart, and took all his life's frustrations out by sabotaging the election of a student he had resentment (and Foe Yay, or No Yay) against? It was a student election, losing it would hardly stop her from moving up in the world as he told himself it would.
Mr McAllister also seems to exaggerate Tracy's Fille Fatale qualities to justify his friends behaviour despite the fact there's no indication Tracy was anything like that before her affair with Dave.
Mr McAllister sees Dave as a harmless Man Child despite the fact he had sex with an underage student of his. Which as a married man with a child he should have known better than that. In Tracy's flashback to how her affair with him started he definitely seemed to be singling her out and knowing which buttons to push. His insistence that they were in love could be more about justifying it to himself then anything else or even getting out of jail time by pretending to be the harmless Man Child Mr McAllister thinks he is, who did something stupid rather than a predator who knew what he was doing was illegal and wrong but did it anyway.