Possibly......
I regularly transit through the US.
I can be through immigration, collected bags, through customs, rechecked bags and back through security within 30min (recent time at Newark).
BUT it has also taken me 3hours
And a friend took over 5 hours once the immigration person decided to be "real polite" with her.
I would say that you should allow 2-3 hours minimum. Your call, but it's too tight for me.
What you can do is book on the later one, and if you get through everything quickly, then before you re-check everything, ask if they can move you onto the earlier plane. If it is not full, and the later plane is full (or evening commuter flight), then they will do it for free normally as it gives them more seats to sell later.