If memory serves me well (large amount of drugs and alcohol years ago make it not so much a possibility), when Nixon tried to control an investigation, he actually sealed his fate and ended up resigning.
Honestly, I think the village idiots are confused. It's they who would be distracted. We are talking about people who willingly, and easily, walked hand in hand with the Bush administration into the Greatest War Against Terror. And by hand in hand, I mean lead by the Bush administration because the villagers seem unable to walk and chew gum at the same time.
Okay, that was unfair. But it felt soooooo good to type.
Anyway, Obama's concern, which does hold merit, is that the American people would be distracted by the investigations, and the Republicans in the congress would step up their obstructionist behavior (and possibly a few complicit Democrats). However, is an increase in obstruction by Republicans any more of a problem then what they are doing now? And with the Blue Dogs already complicit in obstructing Health Reform....., well, I don't think it would be much worse then what he already faces. As for the American people? For the most part they are always distracted by something. Usually with the Legacy Media's help.