Such evidence as I'm aware of points in the opposite direction: HN without downvotes would be like a body without white blood cells. Disease would quickly kill it.
The problem with your argument is that it doesn't reckon with just how lousy bad internet comments are, or how many of them there are, or how completely they take over if allowed to. To a first approximation, bad internet comments are the entire problem of this site.
It's easy to imagine an HN that would be just like the current HN, only with some negative X (e.g. bad downvotes) removed. Most of these ideas are fantasies, because the thing you'd have to do to remove X would have massive side effects. You can't hold the rest of the site constant and do that.
https://news.ycombinator.com/item?id=16131314