If it's already out in the world, maybe, but sometimes going back ins't worth it. Just keep going forward. You'll get new favorite ideas that are even better if you keep going forward. And if the second season is better than the first, thats kinda how it should be. Look at the evolution of production for Game of Thrones. I go back and watch first seasons a lot and compare them to the third season, it's enlightening to watch a show grow.
If it's in the can still then heck yeah, make it again. We made several versions of Imaginary Friends that have never seen the light of day. And we'll probably make a fuller version of it some day. But that's because we plan on offering more, fill out the world more. So if your plan includes more work development then sure do it. But if you're just trying to improve production value don't worry about it.