I doubt they will grant you Chinese citizenship even with RTL. I remember reading the reference guide for naturalisation, it mentions that your application will be considered depending on whether or not you have ROA , if your habitual residence is in Hong Kong , if you have a steady job , if most of your immediate family is in Hong Kong , etc.
When I got my RTL , I asked the immigration officer if I could obtain Chinese citizenship and he told me I would need to live in Hong Kong for seven years and renounce my Canadian citizenship. I think if you have lived in Hong Kong for a few years, have a steady job and perhaps married to a Hong Kong Permanent Resident, they may grant you Chinese citizenship. By the looks of it , it's purely discretional and based on the decision of the immigration officer. You would have to satisfy the immigration officer that you intend to stay in Hong Kong for good and that you have significant ties with Hong Kong other than just ancestry.
I think if they grant you Chinese nationality before you have lived in Hong Kong for seven years, you will have the right of abode because your father already had this status before you were born. If a person renounced his Chinese nationality and left Hong Kong and never came back for more than 36 months, he would only have RTL. If he resumes his Chinese nationality, he will be given ROA again because one of his parents had ROA at the time he/she was born. I read this on the reference guide for resuming Chinese nationality.