The simple answer is probably not and definitely not in the timelines available.
Firstly the largest single element of BMC potential SE funding is for supporting our hillwalking strategy which would not be covered by such a body.
Secondly the definition of Sport used by Sport England is “Sport means all forms of physical activity which, through casual or organised participation, aim at expressing or improving physical fitness and mental well-being, forming social relationships or obtaining results in competition at all levels”. It is considered highly unlikely that Sport England would accept a Tier 3 compliant sub body for a part of the ‘sport’ controlled or owned by a non compliant BMC overseeing the rest of the ‘sport’. From a reputational point of view as well, if we were thought to be manipulating our corporate structure simply to avoid having to comply with SE's Code of Good governance then they, and others.
 Council of Europe’s 1992 European Sports Charter (as revised in 2001)