In theory? Sure. In reality, nope. No one is going to spend the political capital on this.

We’d still need an executive, even if only ceremonial. Getting consensus on that would be almost impossible.

IF we somehow managed to get to some sort of negotiating framework, we’d still need agreement from the feds and all of the premiers. You can bet that each of them will bring a laundry list of things they want to change in the constitution, and at least some of them will be ‘poison pills’ to kill the proceedings.