Definately I think it could work. But it would need a sterling cast and director for it to do so.
It needs a director different from the rest who has his own techniques. Once Upon a Time in America had excellent direction. Who directed that?
But for it to work also it would have to be at least 2 1/2 hours long for it to follow the book as close as possible. That was the problem with the Lambert film, it diverted from the book too much.