Certainly possible. I actually don't know enough about the Division I assistants and Hartzell to have an opinion of them, so my comments aren't Fogarty-specific. That said, whenever openings arise such as here or the previous one at Tech, it seems many fans (and administrations, quite frankly) automatically discount Division III guys for reasons that are based in nothing. There are some out there that I have zero doubt would succeed in Division I. A few in particular would excel tremendously and I would hire them in an instant with little fear of failure. As a Wisconsin (sort of) guy, there are a few out there that if hired, I'd confidently bet my life on the fact they could bring more success to Madison than Eaves has.
Only point really is that just because a guy is from Division III doesn't mean he shouldn't be taken seriously. There are some (maybe not a lot, but some) guys that could coach circles around an abundance of DI guys. The next school that figures that out and picks the right one...could very well end up with the next Gwoz.