Yes, a Blue MvC CPS2 board can be revived (Phoenixed)--IF only a dead battery is stopping the game from working.
If there is something else is stopping the board from working--like a bad part or parts--then, these must be fixed or repaired, first, for the revive process to work.
In general, CPS2 boards are relativly new arcade boards, so if the Battery has not leaked all over the board and the battery acid has not started to corrode the near by chips and traces on the board, then the revive pricess ought to work fine.
Only Two ways to ceck a CPS2 Battery: (1) Open the Blue Case or (2) Peek Through The Case Vents.
1) Open the Blue CPS2 case (with a T20 Security Bit) and check out the board. See if the battery leaked.
2) Get a flashlight and peek through the front and back vents on the Blue CPS2 case and look for the battery. Shine the flashlight on the battery. (It will be located near the back right corner of the board, which is the opposite side of the Game ID sticker). See if the battery leaked.