Ground rules I'm establishing since this is my hypothetical(and cause this is fun too

Autobots and Decepticons would still exist in this Universe, with no faction changes.
-Mass shifting would still be in effect. For example, Megatron would be a normal sized handgun carried by the top human "Decepticon" when not transformed. When it did come time to transform, the human would throw the gun up into the air, it would magically expand in mass(there would be some logical explanation), and when in robot mode the human would pilot Megs like any other Transformer in this hypothetical series.
-Character archetypes and voices would remain the same. Starscream's pilot would still be a backstabber, Wheeljack's pilot a mad scientist, etc.
-Some "sentient" robots would still exist, though they would be human created. The cassetticons would definitely be drones, but have the same characterization as their regular G1 counterparts. The Mini-bots would also be sentient, though closer in human size, and couldn't carry humans in vehicle mode. Their characterization would remain pretty close as well, but would be a tad "friendly-er".
-Stories would still adhere to the Decepticons quest for energy and taking over the world, though stuff like space bridges wouldn't exist.
Okay, I think that's everything. Hopefully my hypothetical is clear, and now your opinion: would it have worked?
Personally, I think it would have been a pretty good success, considering it was mostly about toy sales back then. However, I feel it would not have had a lasting impact, and it would have fallen by the wayside eventually, and would not be strong 20 years later.