I would say chances are low for success in this day and age. But, there is an example of it happening before, West Virginia.
It would split the state in probably the best way (provided that the San Diego area hasn't slid to far left). It would let the interior area get out from under the thumb of the rich lefty coasters. The interior of the state has the same problem that Upstate New York has had for a half century, the politics of the city make the rest of the state poverty stricken (Illinois is developing that problem now too). Maybe if it works we could see New York and Illinois split up too.
California now is the number one state when it comes to poverty. Nope, its no longer Mississippi, which is finally improving now that they have finally ditched the Dems (except the Delta).