I think it's an incredibly ambitious goal. It is possible for American brands and products to be perceived as "luxury" or "prestige" in Asia. Examples include Apple, Polo, and Ritz Carlton.
Even with the hard product improvements, Delta's going to have challenges changing their perception from say"nice" to "luxury". For example, while the 777 BusinessElite hard product is certainly comfortable, it doesn't "look" luxurious. The colors and materials, for example, tie it too closely to the coach product.