No, the Reformation was a Political Revolt more than a Theological One
One detail that a lot of people get wrong about Martin Luther is that he NEVER wanted to revolt against the Church to begin with. While he proposed a certain set of reformations to the church, the people who were actually leading the rebelling against the Papacy were the lords and kings, not the clergy. The Church had so much direct control over politics and policies at the time, that the secular powers were second class autocrats in their own lands.
Following the Charlemagne Empire, the Divine Right of Kings became the keystone to secular power. The church taught the people that kings rules as God's chosen leaders of humanity and were there for beyond contestation which, for a few centuries, served the kings of Europe very well. However, this mired the church in secular politics. Over time, Kings became more and more pressured by the church to do as the Pope says, or they would risk excommunication. The Pope started telling Kings what wars they had to wage, what laws they had to pass, etc. This was a really big deal to kings because excommunication not only meant that your soul would burn for eternity in Hell, but it also meant that as a king, you could no longer claim that you have the divine right to be a king. Without divine right, no good Catholic citizen would obey you, and rebellion would be almost certain forcing excommunicated rulers to abdicate and go into exile.
So, the lords and kings did not really care what cause they were getting behind as long as it fills the two following goals: It must remove the power of the church over their secular affairs and it must be something that the lords can get their own people to follow. The Protestant Reformation was effective because it allowed the nobility to rebel against the Church without giving up their claim to the Divine Right of Kings. Martin Luther's reform petition made it easy to convince people that "Yes, God is God and God is with me, but God is not with the Pope because the Church is against God for these 95 reasons."
Why Renewed Paganism will Backfire
Adding a Pagan revival to the equations would just add fuel to the fire because those same rebellious lords could just claim "God is the enemy, the true gods are with me, the Pope is the enemy."
Furthermore, this is a fundamentally un-catholic concept. One of the core tenets of the authority of the Papacy is that the Church should never be divided against itself. “Every kingdom divided against itself is brought to desolation; and every city or house divided against itself shall not stand” ~ Matthew 12:25, “And if a house is divided against itself, that house cannot stand” ~ Mark 3:25. If the Church allows this value to slip, then not only do the kings have room to rebel against the Church, but the bishops gain authority to rebel against the Pope if he stops pushing the importance of unity to his followers by trying to create division through paganism.
How the Church Could have Combated the Reformation
To stop the reformation, you either need to convince the people that Martin Luther is with the Pope so that no one can use his words as a credible source of weaponized morality, or you need to appease the lords who were already discontent with the church; so, that they would be better served by staying with the Church than by protecting the heretics.
For option #1, you need to call an ecuminical council and invite Martin Luther to attend it to discuss the merit of his theses. This is what Martin Luther actually wanted to begin with; so, as long as the church can find enough scriptural basis to get Martin Luther throw out some of his objections and to agree to a compromise that maintains the authority of the Papacy, then the Lords can not use Martin Luther's theses as evidence that God is not with the Church. As long as at the end of the day, Martin Luther publicly declares that God is with the Pope, the lords will have no loose threads to pull at in the name of Lutheranism; so, any rebellious acts they commit will have to be done in clear violation of the will of God.
The other option is to relinquish control over the the nobility. The lords had a lot of advantages under the Catholic church that they lost to Protestantism. Forcing the scripture to remain in Latin kept peasants from finding their own loopholes and interpretations in scripture with which to challenge their divine rights, the Church helped broker peace and stability between Christian kingdoms, it helped unify Europe against Muslim expansionism, etc. The nobles would not have rebelled against the Pope, if the Papacy did not represent a Sword of Damocles constantly hovering over their collective heads. The best way to fix this would have been to restructure the European theocracy by "giving unto Caesar what is Caesar's". The Pope would have to create a checks and balances system instead of top down authority between kings and the church. If the pope publicly declared that in matters of State, the King is God's supreme voice, and that the church has no right to excommunicating a King for matters of state, then you'd relieve a lot of the political pressure that lead so many lords to rebel.
At the end of the day, the Protestant Reformation happened because the Papacy did not want to give up any of the wealth or power it had accumulated; so, it could not bring itself to negotiate for a peaceful outcome.