Well, sort of. He could allow the court to dismiss the original suit, not file a new one, and claim that the suit was dismissed not on its merits but because of the "good ol' boys club" down at the courthouse. Patently false, of course, but the media could still eat it up. He'd come out none the worse for having filed the suit.
Unfortunately, there'd still be the problem of his having taken $400K of Terri's money while working against her interests. If Michael/Felos lose guardianship of Terri, Felos' misconduct would be foced out in the open. And that would not leave him unscathed.