I suspect a Labor majority(of a small number) or a minority government with minor supply and confidence from some Greens, some of SNP, and some left-leaning Liberal Democrats.
Not a chance. Labour were well behind when he left office in 2007 and his personal ratings were dire. And this was prior to both the financial crisis and the expenses' scandal, neither of which he would of come out of well. Blair was good at winning elections, but so was Brian Mulroney, and no one argues that the latter would have won in 1993.