My guess would be not. With 4 teams advancing from each group, it would appear that the 2nd stage will be two groups of 6, with 2 teams from each group. If only two from each 1st stage group advance to each 2nd stage group, there would only be one result to carry forward.
The 3rd stage could be the semifinals, with the winners qualifying, followed by the continental final.
This would be 5+5+1+1 which should fit in the scheduled time.