I think any relationship between Hook and Regina would just be a game of them trying to one up the other. Theirs would be a highly volatile relationship and there will come a point when one of them thinks the other has gone too far.
What if CaptainEvil happens before CaptainSwan, then Regina would have a feud with Emma because not only did Emma “steal” Henry from Regina, she would’ve also stolen Hook in Regina’s eyes especially after Emma stole Graham.
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Keeper of Felix