Yasser Arafat would probably now regard the Balfour declaration as unexceptionable:
"The establishment in Palestine of a national home for the Jewish people" was non-exclusive, and didn't even amount to full statehood. The PLO have already accepted far more.
But whether any Zionist politicians accept such a limited vision of Israel (no mention of the whole of 'biblical Israel' and thatinconvenient rider: "it being clearly understood that nothing shall be done which may prejudice the civil and religious rights of existing non-Jewish communities in Palestine") is another matter.