Highly implausible. At the time the imperial system emerged, the principes couldn't have afforded so public a gesture of pülacing themselves on equal terms with the Senate. later on, the Senate would have had no way of forcing such a deal. And both sides were heavily invested in keeping up appearances. You must keep in mind that, notwithstanding Tacitean propaganda, the Senate worked hand in glove with the emperors and the aristocracy were quite comfortable in the new age of prosperity and power that Augustus had ushered in. People occasionally pined for the days of virtue and hard-earned glory the way some folk today enthuse about the good old days of community cohesion and non-alienated work, but nobody really wanted to go back to the Republic.