From a technical perspective, sure, but from a business perspective the only way that this would make sense is to continue to have 2 platforms, so OG XBO would also be clocked to 1.2ghz to match the performance of the slim, esram is bound to the GPU clock, it doesn't have a separate clock so it's bandwidth will move accordingly.Theoretically speaking, suppose that MS wants the slim to be the better alternative to base PS4 in every aspect. They decide that they have to match or exceed the performance.
They do the following.
Use a cut down version of the low end Polaris 11 as the GPU. Clock it at 1.2ghz.
Boost Cpu to 2.0ghz+.
But then you risk console longevity, console life time, what if everything starts breaking down then you have disaster on your hands -- the yellow ring of death comes back to haunt MS; unless all this time of course they've always intended for the XBO to be clocked higher - but that's a stupid dream to follow.