fodder ?? you do realize that without jiraiya, that kid in your avatar would have been dead.
he took him from kakashi, shielded him from the akatsuki (when they got the news about the akatsuki targeting naruto) and trained him well looking at how smart naruto is (a difficult task). was portrayed from the writer as a shinobi strong enough to go against the deadly 6 path of pain (which happened). and you call him fodder ......... also the question in this thread has more to do with KNOWLEDGE/SKILL than power.
OT: no i don't think he has the knowledge/skill to do that. very few OLD people have knowledge on that jutsu with only one exception OROCHIMARU (kabuto counts as orochimaru, it's oro's work/research).
I see Jiraya is underrated here. Your beloved solo ''Gods'' (Kisame, Itachi, Pain) have admited themselves, that if they went toe on toe with Jiraya they would've been massacred. Jiraya was not a fodder, unlike many others. And with I meant if he got to know the Rinnegan's real abilities.