I don't think Ward would be able to dismantle Bute in the same impressive fashion that Froch did. He doesn't have the style or power to do it. I think Ward would decisively beat Bute, but styles make fights so I don't think that the way Froch beat Bute says anything about Ward that we don't already know.
Honestly, I still wouldn't mind seeing Ward vs Bute after a tuneup. I still consider a Bute a top 3-4 super middleweight. What else is there for Ward at 168? He's making Dawson come down to 168 so it doesn't seem like Ward really wants to move up to 175 anytime soon.