Is it possible in A365 to remove a release and redo the process so we can keep the same revision number?

Solution Details

A managed project's Manufacture section contains Project Releases of various outputs configured from the Project's output job files that can be shared to any user's email address, both inside and outside of the company/organization. The releases are saved as server items under revision control system in the workspace, and the revisions cannot be customized after release. 

Additionally, it is not possible to remove a release's revision from the workspace as it will remove the entire server item from the workspace. If adjustments need to be made to the revision's naming scheme or lifecycle definition assignment, you will need to release the project as a new server item package.