certainly not impossible, but the S65 wasn't developed from scratch, as it shares many elements, including the basic block design with the M5/M6's S85. However, and I haven't researched the numbers, what will limit the F32's engine's characteristics will be the basics of the N55 block or whatever engine block BMW plans to use for it.
Factors such as maximum bore and stroke will factor into piston speed and that will play into limiting the max redline, but I do feel that the M division has had their say and will ensure a relatively high reving engine, despite the TT. As to what technology they will use to achieve that, I am curious to see. The 1M already revs relatively high for a "common" TT engine, so there's is hope yet.