Was there any merit at all in jefferson’s embargo policy? could some other policy have succeeded? was madison’s ill-prepared stumble into war any better than the embargo, or was the united states simply stuck in an impossible position between britain and france?

I think the appropriate response is no. It was misguided and shortsighted.Both Britain and France were less needy financially on exchange with the US than Jefferson envisioned, however then financial matters never was his solid suit. 
The War of 1812 was more to do with the possibility that Britain, its assets secured in the long haul battle against Napoleon, would be not able make any successful guard of Canada which could in this manner effectively be conquered.However, Britain had since a long time ago settled maritime amazingness over France and was along these lines ready to utilize its naval force to disable the US economy and power Madison into an arranged peace.