I think currently it's almost impossible because the dollars don't exist anymore , but yes maybe if we did this all along we wouldn't have got here.The Lebanese government “may be” making a detrimental “mistake” by not considering one measure that could relieve the Lira/USD crisis, do away with the crippling Dollar “peg”, and keep inflation at bay. The billions of dollar reserves used to uphold the peg could be put to “better use”:
Disband the Lebanese Lira (not forever, mind you!) and make the US Dollar the national currency, as they did and do in Ecuador, Panama, El Salvador, Puerto Rico, Zimbabwe, for instance. Even Lichtenstein uses the Swiss Franc as official currency. Even the former Yugoslavia introduced the Deutsch Mark as national currency when their currency was obliterated.
Given the fact that Lebanon has exhausted all of its monetary policy, this could tackle one major problem of the crisis.
One “drawback” of such a solution is that a country gives up its ability to control monetary policy. Given the fact that Lebanon has not had a good track-record, this may be desirable? Dollarized economies (i.e. taking the USD as the national currency) can no longer print money to bail out or finance unproductive, wasteful or corrupt operations. That may help Lebanon in getting on the “right path”.
I don't know if switching to USD is a little extreme, but this fixation of the PEG on 1500 was a disaster for us