Depends. He can't beat Cabellero, but he can win a vacated title at 122. Just depends on the era, politics and his management. He can also get destroyed again by a good contender and drop off the face of the scene like a lot of Canadians do.
The only way Molitor wins a "world" title is if they cherry pick a fellow unworthy contender and pays a fat sanction fee to one of the alphabet organizations. So it is in the ream of possibilities.Any top fighter flattens the kid.