There is no chance whatsoever that the Liberals would win an election.
Over the course of the 40 years the Liberal fortunes have risen and fallen according to the ability to capture at least 70% of the seats in either Quebec or Ontario. For a majority the Liberals have needed to capture at least 80% of the seats in either of those two provinces. The Liberals are not competitive enough in the Western Canada for that calculus to change.
Canada is no longer divided against itself and so long as this holds true this is not a party in need of tinkering. It is a party that needs to be blown up.
One of the main stumbling blocks is that the Liberals and the pundits have never fully absorbed what happened to level of support in Western Canada following the 1974 election. Some of blamed the NEP and others have even claimed the gun registry played a part. The latter claim is ridiculous. The gun registry had no impact the Liberals share of the popular vote or their seat totals. As for the former, it was the fact that the Liberal vote collapsed in Western Canada in 1979 that paved the way for the NEP politically and not the other way around. The NEP was introduced after the 1980 election. The Liberals took 1 seat in the three most western provinces in 1979 election and 0 in 1980.
The source of the collapse was that the more emphasis Trudeau placed on individual rights and a commitment to linguistic equality the more the rest of the country, particularly the West, resented the Liberals inability to put a stop to bill 178 and and 101 and its willingness to make special accommodations for Quebec. Quebec's Official Language Act spelled doom for the Liberals in Western Canada from the mid 70s until collapse of the Progressive Conservatives in 1993. Ironically, it was the Mulroney's willingness to go even further in pandering to Quebec, particularly the Charlottetown Accord, that gave the Liberals some life again.
Of course, the Liberals response to Mulroney taking Quebec in 1984 and 1988 and subsequent success of the Bloc was abandon any thought of national programs and a national vision. The death of universality was the budget crisis of the 1990s and the notion that Quebec is special. This has rendered the Liberals forever impotent in Western Canada. Pay equity, collective rights, affirmative action, means tested social programs and other hall marks of modern liberalism have never had the same appeal in Western Canada as elswhere in the country and that is saying something. Outside of Quebec, such hallmarks are generally and rightly poorly regarded. What did hold the Liberals in good stead was when the NDP and Liberals were jointly pursuing universal social programs or basking in their passage. The success of one party generally meant the success of the other. Until such time as the Liberals recommit to universality they have no chance of gaining traction in the western provinces.