Sure it could. The tv series started out with great viewing numbers, until it started getting yanked around the schedule. You can do all kinds of visual tricks, which were staples of the comic, and you have some decent villains to work with. You would probably need to make many of the costumes into something more practical.
Green Lantern did have a strong fan base, but they can spot a turkey when they see it. It's not the characters, it's the execution of film.
If you ask me, half the problem in Hollywood is that they either treat the property as a joke or they treat it so seriously that it becomes pompous. Whatever happened to just having fun with it? Look at the Rocketeer. It captures the comic beautifully and is loads of fun; most of it stretching belief, but always sincere. The Donner Superman has some lame comedic moments, but Christopher Reeve made you believe in Superman as a character, no matter how corny the diallogue was. Star Wars and Raiders of the Lost Ark are hardly realistic but they are consistent and get you to invest in the characters, no matter how bad the dialogue. That's what it takes to bring the wilder comic book properties to life.
"Fortunately, Ah keep mah feathers numbered for just such an emergency!"
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