Hard to say, but I'm not totally pessimistic.  Those who flipped to the second page of the Reuters-story would find this:

The United States is not the only country with major objections to the proposals, though Washington has put more of them on paper in the 30-page document.
Arab nations object to some of the wording on combating terrorism, Russia and others are apprehensive of any license to intervene in case of genocide and most developing nations say the commitments on future assistance are too weak.
Only the 25-member European Union, Australia, Canada and New Zealand appear to be backing most of the key proposals in the draft document.

(my empasis)
If the EU and the anglophone countries listed can maintain a common front, Bolton and the US may be frustrated in their efforts.  It will, however, most likely jeopardize any meaningful UN-reform at present.