No, they are not interchangeable generally, but the meaning here is similar. The person is stating that each design has the potential to be put into production. He is also saying that both designs passed the reliability test. The fact that they are both stated to be reliable adds to our information and helps to have us understand that "possible" includes the idea of "acceptable" in this circumstance.
In other contexts, this is not the case. It is "possible" that, say, a terrorist blows up a train station. That does not make it "acceptable."
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