Me and my family live in La paz and we go to the island (plus Copacabana) occasionally as a nice weekend day out. We usually take the 8 am-ish boat out to the island and I can't remember ever getting back to the mainland before 3-ish. So I'd say that it isn't likely that you'll be able to get on a 1.30 bus. Maybe if there's a really early ferry to the island, at 6 or 7 am, but I don't think there is. Again, I'm not sure cause I've never looked for one :)
Also, if you're on such a tight schedule do take into account that in Bolivia a 1.30 bus can easily become a 2.30 bus if your bus driver is waiting to fill all the seats, or if he's still having lunch, or getting drunk. In the latter case, he'll probably try to still get back to La Paz on schedule by speeding like mad, so you shouldn't worry too much about not making your next connection :)