"The Watchtower acknowledges that it is not infallible. Hypothetically, is it possible that they have mistakenly identified themselves as the one true religion?" -- Dave.
No.
"Wars, disease, and other ills have declined in recent years. Could the Watchtower be wrong about this being the time of the end?" -- Dave.
Most definitely, the WTS is wrong about this being the time of the end. But being wrong on this point, as well as being wrong in other matters that I could mention, doesn't in itself rule the WTS out as being "the one true religion". It's the determination to be doing God's will that shows that a religion is "true".
.