For an Xbox Two, I would keep the 32MB of ESRAM and same 8 core CPU setup, but solely focus on more upclocks.
The next node shrink (14/16 FF) should provide significant head room for a potential upclock for both CPU and GPU. If they could hit ~1.25 GHz for the GPU they'd be in parity territory with PS4.
I think the trick would be to minimize the work needed by the Dev's to target the different specs. If you could abstract away the differences so that it's basically: get a game to run 720/900p on Xbox 1 and it will run at 1080p on Xbox 1.5, then I think it's doable.
You'd probably want more of that scratchpad to accommodate the larger rendertargets.