Is it possible? Yes.
Is it likely/intelligent/easy to do? No. We would have an easier time converting the whole of Europe to Paganism than fusing Christianity with Paganism. The problem is that Pagan Christianity already does it exist; Catholicism. Much of Christianity is based on the old Pagan institutions of Europe, it didn't make sense and wouldn't have been practical to commit complete cultural genocide on Europe, so they just meshed it together. At first the Pagans who accepted Christ only had his statue at their shrine and prayed to him next to the heathen gods of their ancestors, but over time Christianity became dominant and the old heathen gods were forgotten.
Why?
Because this is the exact purpose of Christianity, it contains enough in common with other cultures to be accepted by them and then works its way on the inside, rotting away it's core until it can be replaced. When it first arrives to a new culture it pretends to be accepting of their ancestral traditions, but like a greedy guest, soon it demands that it be given better treatment than the grandparents of his own host.
We may accept Christ as a new Pagan god, but Christ and his minions will never accept us. If we accept Christ into our religion again it won't be long until they're burning down our Ves and cutting down our sacred trees, all over again .