Maybe in theory.
There is no practical peg without an actual conversion to the $1 value. There is no guarantee for the peg. Thus you lose the trust of investors and holders in the value of the coin. And the trust is your only hope of holding the peg anywhere near $1 in this case.

You have to consider that the HBD supply won't dry up as long as it's trading above $0.75. Because there are no conversions to burn it. You are just printing more HIVE with posts.

So the lower peg essentially becomes $0.75 because conversions won't take effect until HBD hits that price. And as we all experienced with UST, higher APR can't save your speculative peg.