No ,it would not succeed.
I think Sony is in a funny place though. Making a hybrid will cause Microsoft to have the only super powerful machine in the market. They will dominate the high end of the market. If Sony goes after Microsoft full force then now Nintendo owns the entire low end market. So Sony is fighting a two front war here. If Sony is lucky Microsoft will continue to decline and they can knock a competitor out. Ether way it will be very interesting on how Sony will react to the Switch. This isn't like the Wii. You can't just add portability. Generation 9 will be an interesting generation.