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Whoa - that was longer than planned. @christianSpaceman
I'm assuming your point is that: The Fabian society says Labour needs 4 out of 5 more votes from the Tories to win in England and Wales. Corbyn will not win over votes from the Tories. To get to that conclusion I think you need to be doing one of two things: Either once again making the argument that Corbyn is unelectable but not saying why (why would he be less likely to win votes from the Tories than the others), or - and I think this is more likely what you're saying - arguing that Labour needs to be more like the Tories to win over those votes.
Maybe.
First, I'd question the reports usefulness to begin with. The conclusions are hilarious: be both the Tories and the SNP - this is how you will win a majority! I wouldn't put much hope on that.
Second, there are some things to note:
1) That's for an English/Welsh majority. I don't think there's much surprise there. Labour needs Scotland in one way or another. The report itself says it's much easier to form a coalition.
2) There seems to be an assumption that the only way to get Tory votes is to be more like the Tories. Assuming that this is the case (which I hope it's not) there are two more things worth saying: 1) If the only way to gain power is to mimic the party you most fear, what's the point? The lesser of two evils has resulted in pretty grand evils. 2) Is there evidence to support that a Tory-light Labour party will really take away voters from the Tories? I suspect there is very little.
In a two-party system the fight for the middle is important (every vote counts as two). This is why there has historically been calls for "big-tent" parties (as the Fabian report does). This is not the case in the UK right now. By moving closer to the Tories Labour could (and probably has) lose two votes (giving one to the Tories, or at least, not winning one over, and losing one to another progressive party). This isn't specifically a Labour problem. The Tories are well aware of the threat posed by Ukip.
It seems to me what Corbyn may be is not a populist demagogue, but a policy wank. If that can be the discussion, then Labour may be able to win many of those protest votes to the left, take some votes from the left of the Lib-Dems, and perhaps get some support from the historically undecided middle. Especially if the Tories turn further Right to fight off Ukip. What is more, if he's willing to work with other parties on the left and in the centre (which he has said he is), the possibility of a coalition rises.
I guess my real point is: it's not that simple.