Well, if Russ couldn't recreate the "'92 Magic", then I'm going to have to say no. Why? Because he's certainly going to need some magic to turn himself black before the primary season. See, as a white guy (especially a Jewish White Guy), Feigngold doesn't have a prayer of unseating Obama.
Now, I suppose it's possible that black people won't turn out in 2012 (especially in the primary), but is that likely? Probably not. And, are black people going to sit home and watch their guy get beat by the Jewish kid? Again, probably not - at least if Jesse Jackson is actually representative of the people he claims to represent.
Obama is about as impervious to a primary challenge as perhaps any sitting President has EVER been, precisely because no previous President has ever come close to enjoying near unanimous approval from a single demographic. Obama of course enjoys such approval from blacks, and ESPECIALLY black democrats.
I say it all the time - Dems have made their racial identity political bed, now they have to sleep in it.