Yep!
Not that I think that Cameron subscribes to that theory (I'm sure he always intended future John without Reese's dad to be the same John conceived by Reese) but I'd still like to see it anyway.
If I remember correctly:
Skynet is developed by humans independently, evolves into future war, John Connor is the son of Sarah and some other guy, he's a total badass.
First T800 and Reese go back in time, Reese impregnates Sarah, destroys original John (and shockingly succeeds in Skynet's original mission.)
New John (Edward Furlong) is born and is a bit of a ******, Skynet is now formed by humans who reverse engineered the original T800's CPU.
Future war happens again, grown up Furlong Connor reprograms another T800, sends him back.
Second T800 goes back, saves young John and prevents alternate Skynet from being formed based on the first CPU.
Now Reese isn't sent back to impregnate Sarah (since there's no war), original John and original Skynet are restored, endless loop is created where John 1 and Skynet 1 are destroyed by John 2 and Skynet 2 only to have Skynet 2 destroyed so that the loop can begin again.