I'm not a firm believer in blanket statements, either way. That it will work, or that it will not work. I persoanlly think it depends on the personalities of the different animals and your ability to work with them in training.
Ove 9.5 years ago I brought home this drop dead georgous red dog from the pound. I had no clue what she was or exactly what it would take to have it work with her, just that I could not leave this dog to be put down at the pound (they had already kept her one extra day hoping she'd be adopted). Kayo turned out to be a ridgeless Rhodesian Ridgeback, possibly mixed with Dalmation. She was estimated to be 1 year old.
My other dog at that time was my Long Hair Chihuahua, a very independent and alpha girl. At first Kayo wanted to lunge after LaVie (my Chi), she thought she'd be great to chase - you could just see the gleam in her eye. But She was on leash and couldn't. LaVie also was not one to put up with this from Kayo, she did not run and would tell Kayo to respect her space.
Kayo lived on leash for the first month. After about a month I could have her loose in the house with LaVie, under constant supervision. And I do mean constant, if I used the restroom Kayo went with me and LaVie stayed loose. This continued for a year.
After about a year I was convinced that Kayo no longer felt Chihuahua's were something to be chased. No matter how fuzzy, or annoying - even the ankle-biter variety of spastic Chihuahuas are safe from Kayo. (Yes we have some of that variety in the family.) 
However, if a cat decides to stare and Kayo and then bolt she will be gone.
It is in her nature, squirls, mice, rabbits... And the one time I let her run after a lure at a lure coursing practice she ran like she was a seasoned veteran at it, it was beautiful - low to the ground and eye on the prize. She does get along with my parents cat just fine, but that's because he knows how to behave around dogs.
So, my opinion is that with the right personalities it can be done. This takes into consideration the dog's personality, the small animal's personality, and the human's personality. And of course, time.
I have heard of the occasional RR that has no desire to chase anything. Saw a great picture of a beautiful large RR boy sunning himself on a deck with the chipmunk taking peanuts off the deck right next to him - stretched out and ready to run from the dog. The dog, he just wanted to laze about. 
Good luck on your decision and keep researching. I love hearing about people researching before hand - it really makes for a much happier result. 
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tabitha
Kayo, Kahla, and Dante'
