No. Its simply impossible. They could tell a similar story, but its wouldn't be the same. The reasons why One Piece is long are also the reason why One Piece is the story that it is.
In reality there is no problem of pace, remember that One Piece is meant to be read in bunch, not only in scans. And there are a LOT of informations insides chapters. This pacing is how its supposed to be to be enjoyable during a normal reader pace.
Yes I understand, and I say that you are wrong. In reality a LOT is happening. Its just that the informations are scattered among multiple chapters which can give the impression during a weekly read that its slow. But its really not. In fact the current arc is extremely fast in term of pacing. Oda really doesn't waste much time.
Of course Oda could get even straighter to the point, by scratching down some peripetia, its completely possible, but it wouldn't be One Piece anymore and the story would lose a lot of its taste.