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Kanye West should consider himself lucky Drake isn't firing back at Pusha T, 'cause the track he recorded would've blown up Ye's career ... according to James Prince.

The Rap-A-Lot Records CEO tells us Drake was, in fact, ready to respond to Pusha's "The Story of Adidon" before J Prince stepped in and told him to stand down. According to Prince, what Drake had "cocked and loaded" would've "ended" Kanye, and caused a lot of pain. He insists they're not in the business of destroying families ... which is why he told Drizzy to stand down.

J Prince also doubled down on not resorting to a "pig pen mentality," which he clearly believes Pusha did by attacking Drake's mom, dad, and terminally ill producer. He doesn't consider this an L for Drake either -- despite what fans might be saying.

Of course, Pusha might look at it as a W -- he was hailed as a hero during Kanye's album listening party last week. Shortly after that, Kanye himself said the feud was "dead."

I’ve never been about beef I’m about love lines were crossed and it’s not good for anyone so this is dead now @kanyewest