They could get around it by placing a greater emphasis on mechanics rather than DPS. Though we'd likely just see situations like with Titan (Hard/EX) where a lot of people end up wiping again and again. :p
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They would have to def do mechanic intensive battles.
As a person who absolutely loved trying Turn 9 before 60 cap with 4 people, I think it's completely possible to make things challenging and 4 man.
Edit: And, I honestly wouldn't mind a 4 version of a raid and an 8 man version. I personally would want the 4 man version to be harder than the 8 man version.
But again, I love low man challenges. In XI, I use to always try to do things with the least amount of people possible back when content was 18 man.
they don't need to use the same raid for 8 and 4 player and work around a balance more interesting this way.
i think adapt already existing raid for 4 player is a bad idea.