My understanding is that it would be done "late"- not too late. Late meaning that we would not avert any chastisement due us but her Immaculate Heart WILL reign after the consecration.
I think I wrote it on the forum before, but Lucia quoted Christ from an appartition in Rianjo in 1931 and he said "It is never too late to recourse to Jesus and Mary"
Make it known to My ministers, given that they follow the example of the King of France in delaying the execution of My command, they will follow him into misfortune. It is never too late to have recourse to Jesus and Mary.’
later, through an intimate communication, Our Lord complained to me: ‘They did not wish to heed My request! …Like the King of France they will repent of it, and they will do it, but it will be late. Russia will have already spread its errors in the world, provoking wars and persecutions against the Church. The Holy Father will have much to suffer.’