Okay, I think I see what you're getting at. Possibly you could read the quotation in that way, but it doesn't seem to me a very natural interpretation. "Might have been" is surely a phrase that directs one's attention to circumstances, and the differences between past and present possibilities. "It's never too late to be what you are capable of being", or "It's never too late to be who you are", seem closer to what I think you're saying here, but I may well be misreading you.