If the threadread cookie stores your latest thread read times, then yes, it would be possible, as that's the only piece of information that this mod needs to work. AFAIK, though, there's a 15-day expiration or something like that, so I'd recommend you make the permanent switch to the DB-based system, as it really doesn't add any load to your board.
I'm willing to adapt this to use the cookie info on a freelance basis, if you'd like to go down that road.
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