This one's tough...
I think that a furry wookie could be made by the artists, but the trouble would come from the mass production. We've already seen the trouble caused by painters alone in the Chinese shops in which the PFs and 12"-ers are produced. The intricacies of a fur-covered figure might just elude them.
First of all, it's not like you can just pick a single color of hair and tack it all over the body. That wouldn't work. Chewie has all manner of brown tones in his fur, as well as some black and blondish coloring as well. All of these different hues blend together to form the patterns we see in his fur. In order to maintain any form of consistency, each body would have to be produced with a sort of fur-by-number pattern to use as a guide for the overseas people to work with. Otherwise these things will come out like a line of tie-dyed t-shirts -- no two will look alike. And if there's one thing that we as collectors demand, it's consistency in our products.
Second of all, there's the issue of varying lengths of fur. The longish fur hanging from Chewie's arm, for example, is a far cry from the short little hairs that surround his eyes, mouth, and nose. These short hairs would also then have to gradually lengthen to blend with the aforementioned longer hairs. Anything else, and it would look like ... well ... a
doll. *shudders*
Finally, given the fact that any synthetic hair is going to add a ridiculous amount of volume to the sculpt, I can't imagine the sculpting nightmare involved with determining how to alter the facial features around the eyes, nose, and mouth in order to compensate for it. If they don't thin out the fur-covered areas relative to the exposed facial features, our Chewie will stand a very real risk of looking like he just got out of the shower and was attacked by a thousand crazy stylists with hair dryers.

(Anyone see Disney's animated "Beauty and the Beast?"
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)
I'm not holding my breath for a Chewbacca PF. If it ever gets made, I know they will do it properly. If they can't, however, then I hope they don't do it at all.
And, for the record, I
would pay $800 for a Chewbacca, properly done.
