Not with sufficient fuel left to do a re-entry burn, that is. But if re-entry = death, and is therefore out of the question, that significantly changes the equations.
Two problems with your analysis. First, there simply isn't enough fuel left in Columbia to reach the ISS (the burn required would take more fuel than Columbia can stuff on-board). Second, until no earlier than Columbia's landfall over California on its descent, every indication, including the evidence from a similar event 2 launches prior, was that re-entry would not be affected.