i'm sure it could, at least to some degree, but it would be akin to taking kobe off the lakers. sure, it'd still be good, but it'd be missing that spark. rick is the most developed character, of course he's also the main character and leader, and also maybe the only real developed character. michonne is, to me, the next best character, but she's too mysterious. carl is too hot headed, young, and occasionally unlikable, to lead the book. abraham is great, but only as a second fiddle (no offense).
I think you're spot on with this.