I certainly believe that the PT could have been made to sync up with the OT. But I think the real question is: would it have been.

We all know that Lucas was always a pioneer for computer and digital effects, which makes me fear that any attempt before 1999 would have resulted in worse CGI that ages faster than Phantom already has.

But fortunately for the world at large, and unfortunately for Star Wars, computer technology was advancing at such an exponential rate that for a man as digitally-minded as Lucas is, it was only a matter of time before that ah-ha moment that told him he could finally move to that realm, as he had upon seeing the CGI in Jurassic Park.

So, basically, the longer time period between Jedi and Hypothetical-Prequel-One, the more likely it would be to be CGI-reliant.

Besides that, by this time the Star Wars brand was a huge money maker, and this opened up access to all kinds of new technologies and materials, but if Lucas were forced (or, better yet, forced himself) to pick through rubbish bins in order to build sets and props, then it would have certainly been entirely possible.

I honestly don't think that there's any way to reconcile the PT with the OUT outside of heavy fan editing to both. The whole idea of the PT was to fit in with the SEs and any other later changes that might come along.

As much as we don't agree, the OUT to Lucas was an unfinished sore spot that needed correcting, and so he corrected it to fit his liking more by making it match the PT instead of vice versa.