In my opinion, new financial system without dependent on USD is very possible, as long the countries who involved with is agree. In fact creating new money is possible too as long as the community is agree.
A little bit out of topic I want to add some other news too
Your last two points are just pre-requisite of your initial point, looks like Im listening to a JT song, what goes around comes around. Can you elaborate , what are the ways of both countries will agree on?