Can I re-distribute a release after a takedown?

Sure. If you've had to takedown a release, you don't need to recreate a new release. It's absolutely fine to simply re-distribute. In fact, there are advantages to re-distributing rather than creating a brand-new release. 

By retaining the UPC and similar metadata, you can match the royalties if you get reports with the old/original UPC.

And anyway, you might not even need to takedown a release anyway. Before you issue that takedown, make sure it's even necessary by reviewing the changes you can and cannot make once your release is distributed.