I'm pretty sure it's feasible, but we need to patch the bootloader (bootloader is not boot.bin). And the question is how many devices would have to be bricked (if bootloader crashes there are no pre-boot) before it finally works. Also I think bootloader has nothing to do with GPS chip initialization. Why does angelozip think the opposite?

UPD:
Well, in theory we could try running the patched bootloader by sending it with a special boot.bin, which could unpack it and execute.
Also I think it should be possible to use the original 37xx bootloader with ported 34xx firmware and as far as I remember Alviora has reported some success here.