It depends on the standards you want/need to achieve. If you aim at Nobel price winning work, then the chance of you succeeding is near 0 (not least since the Nobel price for statistics does not exist...). If you aim at achieving at least a very bad level then the chance is probably near a 100%.
Probably your aim is somewhere in between, and now the answer differs a lot across disciplines, but also across programs. The difficulty of doing theoretical work differs from discipline to discipline. If your program aimed at teaching you how to write a theoretical paper, then it should obviously be easier than if your program has a more empirical focus.
So the person to talk to is your advisor. If (s)he advises you not to do it, then that is a strong signal you would probably not want to ignore.