Not impossible, as PSV computing power is comparable to current mid-low end smartphones and the screen is good quality but mid resolution, anyway a major redesign won't come until the current model will have reached sales high enough, and anyway they can wait some more time, until late Autumn to launch, when a new model will produce a higher boost, with the additional benefit for stores to be able to get rid of old supplies using them for BF special offers, so catering not only for richer buyers with the new models and bundles but also for the less rich ones.
Instead of expensive and slightly less durable OLED, they could use Quantum Dot LED for the screen, to bring higher quality at reasonable cost.
A launch at the beginning of Xmas season would maximise the return from marketing costs, making them more justifiable to shareholders, moreover they could use the surely larger marketing funds for PS4 to benefit PSV too mentioning Cross Buy, Remote Play and other PS4-PSV synergy features whenever appropriate. If the base PSV model will be cheap enough, high-end PS4-PSV bundles could be priced a lot more attractively..
PSV sales are low and even a good boost won't make them become stellar, so Sony will have to carefully choose the launch period to maximise the return of marketing and new model production starting costs, as with sales that in the rosiest case will be in the very few tens million sales (if the new model will allow PSV to reach, say 25M in the worst and 40M lifetime sales in the best case, compared to 20M at most if they barely keep the current model afloat until its natural death with two price cuts, one this year and another a couple of years before retirement, and a few big games every now and them), even a few hundreds thousand sales more or less could make the difference between a good and a bad investment.
Stwike him, Centuwion. Stwike him vewy wuffly! (Pontius Pilate, "Life of Brian")
A fart without stink is like a sky without stars.
TGS, Third Grade Shooter: brand new genre invented by Kevin Butler exclusively for Natal WiiToo Kinect. PEW! PEW-PEW-PEW!

