Yeah, i guess it can do this, but also don't forget the telomere caps at the end of a chromosome with every cleavage became shorter, and although time gracious with progenitor cells, but they can still suffer some genetical damage. So i don't think the answer can be this simple, and easy for practical application.
I afraid the results of something like this can have genetical, organic, and biological "glitches". But non the less it's promising.
Edit; fast replacement and killing the "building block" cells can have negative side effect. Resolution? Do it slowly, and also to use a more refined method, than simple reactivation, is necessary. Give time the body to rebuild itself correctly. And we also don't know how an this extensive "biologically unplanned" use can affect the progenitor cells. By common sense? Without precaution, it can be a one time shot.
Yep... thats the problem in there! Our biology and genetical programming are not prepared to this kind of trick. Simply kick in the progenitor cells are just not good enough, but this method can be used.