I knew a few guys who went to see the commodore and went on to wear wings. It is possible. Each person's case is different; but the commonalities between all the guys I knew who got another shot is that they walked into the commodore's office ready to show the man that they were hard working, dedicated professionals.
That means they treated it as a uniform inspection, job interview, and NATOPS check all rolled into one. Have your hair cut, your nails clipped, a close shave, an immaculate uniform, and your shoes shined. Be ready to speak frankly about your struggles in training (no excuses, even if you actually have a legitimate one this isn't the venue for it), explain why you want to be an NFO, discuss what changes in your approach to training that you are going to make to address your issues, etc. Bottom line, you need to persuade the man that you are worth a second chance. Oh, yeah, I don't know if your commodore is qualified in your aircraft, but you should be ready to answer any NATOPS questions about your platform, especially EPs.
You don't know what it is that is going to clue the man into the fact that you are worth another shot, but bottom line, you want to be ready for anything when you walk into that room. It's not over until its over. Oh yeah, should help....
Best of luck my man. Let us know how it turns out.