It’s absolutely not a credible option. The North would not march behind an Ironborn hostage, let alone a teenager, let alone a prick like Theon. Catelyn was dead wrong about that – it took Robb’s very personal intervention to keep the Umbers, Glovers, Boltons, etc. in line.
The only, only way for Robb to stay in Winterfell is if he sends a scratch force a la Roddy the Ruin and then comes later, and that didn’t work out very well last time.