A little thing about the laryngeal series

Is it possible that PIE had a system like this:

h2 - a - a:
h1 - e - e:
y - i - i:
h3 - o - o:
w - u - u:
where y and w would be the "i" and "u" with the upwards curve
underneath them -

OR

h2 - &2 a - a:
h1 - &1 e - e:
? - y - i - i:
h3 - &3 o - o:
? - w - u - u:
where the "?"s are "laryngeal" forms for "i" and "u", and "y" and "w"
are simply their spoken form?