There is still hope if you look where Luton are now and Oxford (who were one game away from going back into the 2nd tier last season). Those two clubs - along with Notts - being the only ex-top flight club since the war to play at this level.

Luton Town's 5 year record at this level.
2009/10 - 2nd/24
2010/11 - 3rd/24 lost play off final
2011/12 - 5th/24 lost play off final
2012/13 - 7th/24
2013/14 - 1st/24 Promoted as Champions

Oxford United's 4 year run in tier 5
2006/07 - 2nd/24
2007/08 - 9th/24
2008/09 - 7th/24
2009/10 - 3rd/24 Won the play off final

Neither of them finished lower than 9th though.