With respect to the plane damage, maybe, but there is still the question of the radar evidence and the fact that witnesses saw something ascending before the explosion. It would take a lot more than 10-15 seconds for the fuel to leak down all the way to the surface, and then be ignited at the surface, and have the flame race up to the sky. (Furthermore, the streak was described as being a different color than the petroleum fireball that happened later.) And then, you have the nose gear doors that were blown inwards, etc.
I'd say that what the shoe-bomber was trying to do would be Pan Am #103 that blew up over Lockerbie, Scotland. That was a cassette recorder filled with Semtex, I think, and the plane disintegrated mid-air. However, I don't believe that it actually produced a mid-air fireball as TWA 800 did.
I believe (could be wrong) that the cassette recorder was in the cargo hold. Which is likely away from the center fuel tank.
I agree that fuel causing the fire streak seems unlikely. Just thinking of the possibilities...
From the other posters information on stingers, it looks like the maximum altitude is around 12,500 feet. Which is close… I don't clearly remember the altitude of flight 800 was but seems like it was around 14,000 feet.