I'd say it wouldn't even require a Republican of Boehlert's level of RINO-tude. Even a mainstream Republican could beat Hinchey if, as you point out, he had plenty of money.
One person who I think would have an excellent shot at beating Hinchey would be state senator Tom Libous of Binghamton. He's an able politician. Can't say I know exactly where he stands on all the issues, but he is definitely to the right of Boehlert. Might even be pro-life.
Pro life, unless modulated (you know, Ok in the first trimester, but parental notification, and no partial birth abortions kind of thing), won't cut it in this district. It would be the kiss of death. The guy needs to be perceived more or less as a social moderate to liberal, and perceived as willing to take Bush on on certain issues.