Caroline can not play at the elite level. Her Final at IW was due to the withdrawal of Azarenka in their QF match.
I see her as a top 8 player at best.
So no, I do not think she will top the rankings again.
Edit: She has the ability to go even higher, maybe a consistent top 5, but she has to get back to the tennis she was playing 2 years ago. She was actually doing quite well and winning big titles. Her game has declined since then.
Don't think that will be enough, Remember as no. 1 she didn't have that good of a record against top players, the problem she has now is that those top players are far more consistent. Second, when 70% of the tour has figured out your moonball game, then it becomes a problem. Third, she doesn't want to improve her game, she wanted a quick fix, in improving your game it has to be slowly adding it, not packing a ton. Which she and her father wanted after two months of working they expect the results like a flash, which doesn't work.