Yes of course it is possible. However, it is not possible if you require "1% IPC gain is only acceptable if it increases power consumption by 0.5%"
Engineering is about trade offs, but those trade offs are made within the constraints of your time-zero boundary conditions (of which budget and delivery timeline are defined).
If you direct your team to build a core within a specific timeline, with a specific dollar budget, xtor budget, silicon area budget, power consumption window, etc., then you will get what you asked for. Be it a Pentium 4 or an Athlon 64 X2.
With today's technology, getting to the moon is possible for anyone or any nation with enough capital to make it happen. The same is true for large fat cores that will have wonderfully high IPC. But don't expect them to sip power, speculative computing requires electrons.