Sure. I still need to go through all the details, especially about the politics in Germany and all the treaties and reichstags but undoubtably the Emperor is stronger here. He can achieve some of his OTL plans like forming a united Imperial army that is payed by taxes from the Imperial circles, forbidding alliances between princes of the Empire and foreign powers, appointing his son to govern some important bishoprics etc. but the Edict of Restitution probably won't pass as all the Protestants within the Empire didn't accept it, including Saxony and Brandenburg which were quite powerful within the Empire. Also, I'd still give the Swedes a chance. Today we see them as nearly invincible but Gustav didn't start off too well in 1630 and had some luck. Anyway I think they could make some gains maybe even Gustav could inflict some important defeat on Tilly but the Swedish campaign in Germany has to be much shorter than OTL. Once they are forced back the Emperor can call the Estates and impose the conditions he wants.
Interesting, and how would things be affected if the British get involved?