Sure it can
The PDF, although image, also contains OCR'ed text inside. I tried reflowing it on my PRS-505 and frankly, the result is rather disappointing due to text alignment problem.
In the attached image, the zoom level is set to the maximum so as to be legible when taking the photo, but the same problem is present on smaller font sizes as well.
Another approach is instead of using the reflow, I would convert the PDF to images in LRF format and read it on the landscape orientation. My guess is that it would be rather legible due to the large font size and wide margins (which can be cropped). Let me know if you want me to try this as well.