Dang, when I went to grad school you didn't get any rewrites.
And frankly, that's what I'd do were I teaching. Publish a book, for instance, and if you've blown it you don't get to rewrite it -- you've made a fool of yourself, so live with it. Drive a car into a crowded schoolyard, you don't get a rewrite. Screw up a romantic relationship, eat the wrong thing, step out of the airplane at 3000 feet -- there are no rewrites.