There's something the Emperor could and/or would have done, and just things no Emperor would ever have agreed to. If duke Charles of Burgundy would have been raised to a King, it would have been on terms of the Emperor, or it wouldn't have been possible at all. The Emperor would not want to alienate France, but he was interested in formally strengthen the ties Burgundy had to the Empire, through its' numerous Imperial possessions. Anything more just is not acceptable for any Emperor, getting it by force is no option either, the Emperor would flatly refuse and in France he has a very useful ally to make sure, the Pope wouldn't grant a crown either.
Yes, I know about the French idea of independence of the Empire, but realistically the best Burgundy could ever get from the Emperor, was a Kingdom in the Empire with a similar status as Bohemia ((initially) without an electorate). That would basically mean, that the only one accountable to Imperial courts, since his subjects could not appeal to them, was the king of Burgundy or Friesland or Brabant. That's the other thing, perhaps the Emperor might resurrect Friesland as kingdom, or raise Brabant to such a dignity, but he would make sure, that even Burgundy would be an elevation of the Count Palatine/Free County of Burgundy, and NOT the Imperial kingdom of Burgundy-Arles.
And let's not forget the final condition of the Habsburg Emperor (Friedrich III), his heir, Maximilian, will marry the heiress of Burgundy, Mary. 'Bella gerant alii tu felix Austria nube'.
@Cornelis; yes, Flanders and Artois were 'fat ducks', but you're forgetting that Brabant had a golden age under the dukes of Burgundy and let's not for the developments in the county of Holland. Simply put, when you take Flanders and Artois, out of the equation, the Burgundian possessions in the Empire (Low Countries and Franche Comté) were more wealthy than the duchy of Burgundy proper. Need I remind you, that the great port of Antwerpen, is a Brabantian town