Possibly. But as history and current events instructs us, they don't really need a technological device for that. All they need is irrational fears and/or hatred and a big enough lie. And maybe that would be a good story concept for the next Squadron Supreme 12 part limited series?
I think Captain America will be one of the anchors necessary to bring this reality back into balance with the mainstream. Blade will be another. I think Hyperion will complete the trinity. They'll probably be the only three that realizes none of this is right.
But it's not a terrible idea to have Cap merged with someone from DC lore. I probably would choose something crazy like Cap + OMAC, or Cap + Orion of the New Gods.
Don't get me wrong, I totally hope they cherry pick whatever elements they feel necessary to make it a fun event. That's kind of the lure of working with an alternate reality environment. I just wish they'd expand their roster to include some characters who never see the light of day. AE stories are perfect for that.
As for Thor, you're right, he should be either Donald Blake, or somewhere learning humility under one of Odin's edicts. Poor Thor -- the only grown man that still gets put on restriction by his dad. Sad, yet oh so funny.