Maybe 3 or 4 years ago, it could've helped. It wouldn't make it a best seller, but maybe it could aim for 30 or 40m lifetime if it had a price cut to 175 earlier, cheap memory cards and more support from Sony. But that's a big, big, maybe. We don't know if handhelds will keep selling. Even the 3DS felt this fall. We don't know how well things will go for the Switch.
Right now, I don't see the point. PS4 is selling gangbusters, the money they would expend in a new/rebranded handheld and its marketing would be better expent on PS4 exclusives, more PS4 marketing and exclusivity deals. And this investment would give returns for sure, instead of risking handhelds.
The only thing that could work would be if they managed to create a portable PS4 towards the end of the gen. It would have a massive library and would not need to sell that well because it is just an extra option, like the PS4 Pro.
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