Technologically? Sure it could. But whether a movie works isn't a question of the special effects, it's a question of the script, the direction, the acting, etc. The new Thundercats animated series looks gorgeous and has good music and a mostly good voice cast, but the writing has been inconsistent to the point that I lost interest. If the story and characters don't hold up, it doesn't work, no matter how technically superb it is.
Also it would be important not to try too hard to pander to fan nostalgia, not to be afraid to reinvent things. One of the flaws of the new animated series is that it's too faithful to a lot of the very cheesy, silly, '80s-ish, merchandising-driven aspects of the original cartoon (like the character names and the blatantly toyetic vehicles), and that clashes with the attempt to give it a more sophisticated, Avatar: The Last Airbender-like look and feel. And we've seen with this summer's superhero movies that an adaptation that's overly slavish to the details (like Green Lantern) won't necessarily work as an independent story in its own right, while an adaptation that's free to reinvent things to suit the needs of its own story (like X-Men First Class or Captain America) can be much stronger. Adaptations are meant to adapt, to change the source material into something fresh and new, not merely to copy it. Too many fans don't understand that, and when filmmakers don't understand that, or pander too much to misguided fan pressure, the results often aren't pretty.
