Can I delete and re-create with the same SKU, location & Bin?

No, you will not be able to use the same SKU, Location, or Bin to create if it is already being deleted as there is a validation in the system. If the product SKU gets deleted by mistake, you may reinstate the deleted product SKU. 

We hope the details above were helpful for you. Please feel free to share with us if require further assistance and will be happy to take it up.