I think that "Part of FRY" is the maximum international community could allow. Any closer integration with Serbia would be show stopper for the West.
If I understood OP correctly peace is reached in '92? That still leaves the problem of war in Croatia (borders/front lines were mostly stable from '92 to end in '95). In theory you could imagine a nearly ASB (West and that also means Croatia and Bosnia knew that they could defeat Serbs in the end and so had no need to give them anything) "trade" agreement where Republika Srpska Kraina is to become a (very) autonomous part of Croatia, Republika Srpska becoming a fully independent (of Bosnia) or even loose member of FRY.
But that leaves Bosnian Muslims screwed. Tudjman and Milosevic could reach a deal for Bosnia where its either fully split between the two or a microscopic Bosnian Bosnia is allowed to exist; but Izetbegovic would never accept that.
And Izetbegovic has all the might of petrodollar lobby groups working for him. As long as Bush and Clinton admins are buddy buddy with Saudis, demands of Bosnian Muslims will be taken into account at high priority.
For example. It was Isetbegovic who refused the Cutiliero-Owen treaty that was supposed to partition Bosnia before the war there even started
http://en.wikipedia.org/wiki/Peace_...d_during_the_Bosnian_War#Carrington-Cutileiro
Irregardless of silly and opaque denials in that article it is no secret that US ambassador
did provide Izetbegovic with guarantees that they will have US backing if he chooses to decline the plan and eventually starts a civil war.
And solving situation in Croatia is also near impossible. Peacekeepers were in in '92 and situation was mostly stable until Croatian operations "Flash" and "Storm"; destroying RSK, openly and willingly committing ethnic cleansing and creating hundreds of thousands of refugees.
Though it was this; in combination with full unwillingness of Milosevic and Belgrade to help save RSK; and Milosevic also pressuring Bosnian Serbs since late '93 that can be safely said finally convinced Karadzic and Mladic to accept Dayton agreement.
Wars are very nasty things, and once started difficult to stop. With media pictured by Western media being so black and white; it would be difficult for West to agree on anything that could look like beneficial for the bad guys (Serbs). Safest bet for ATL is to prevent war completely. Maybe allow initial firefights in Slovenia and then have West decide that preventing a lengthy civil war in Europe is higher priority than placating their friends in Zagreb and Sarajevo and have them force a peaceful division of Yugoslavia upon all sides.
Though you could maybe have a scenario where war is started by ends faster if you have Yeltsin fall in late '92 or early '93 and someone competent and hardline take his palce ?(parliament/constitution crisis? maybe have army shoot at Kremlin instead of the White Building. But that throws global politics of '90es completely out of OTL track)