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Reading Tolkien's attempt to revise TH shows that it can't be done.
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That is one viewpoint. The other is that JRRT simply tired of it and went on to something else .... probably something else which was not finished either. His not completing the rewrite of THE HOBBIT may speak more to his work habits and changing interest in the world of ME than it does that such a HOBBIT rewrite simply cannot be done.
Regardless, all of this certainly will give a sheen of credibility to any efforts by Jackson or other film makers to make a more adult HOBBIT which fits in better to the style and approach of LOTR films.