Is it possible to do a completely faithful adaptation of the source material?
I personally highly doubt it because the only way to truly cover every plot point of the novel is to split the story up into multiple 3 hour films (it's over 1200 pages, 3 films is probably the bare minimum needed), and that is just too big of a risk for any studio, if the first one bombs then they just lost a boatload of money (no pun intended). It's in the studio's best interests to do another 2 hour, overly simplified and heavily edited version like the 2002 version.
Maybe a miniseries could work, but I doubt the budget would be too high which would probably impact the quality.