Hm, you know, it just might have had a better chance. There'd be still a lot of factors against it - the Versailles Treaty, the Great Depression, the whole authoritarian mindset had been internalized since 1870 at the latest and wouldn't have suddenly gone away. But maybe without Ludendorff lending him an aura of "conservative" respectability, Hitler would have gotten an actual prison sentence in 1923 instead of those ridiculous few months, and maybe that would have been enough to let the Nazis remain a provincial fringe party. Plus maybe instead of Hindenburg, someone would have become President who actually believed in the republic, which Hindenburg the Monarchist definitely did not, and that hypothetical someone would never have appointed first a bunch of stupid Junkers and then Hitler as Chancellor.