Plausibility check: Holy Roman Bifurcation

Just to get a few opinions, how ridiculous would it have been if the Holy Roman Empire had split in twine during or after the 30 years war or a similar conflict. Lets say in a Lutheran/Calvinist 'German Empire' and in a Catholic 'Holy Roman' variety.
 
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As I understand it, this was Gustavus Adolphus's war aim: splitting the HRE into a "Catholic Empire" centered on Austria and a "Protestant Empire" centered on Sweden.
 
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