In principle yes, in practice likely more trouble than it's worth. Mind you I've never tried.
Crude description of how heat-treatment works:
- Heating hardenable steels to a particular temperature causes the metal to take up a different internal structure. As it takes a certain amount of time for the structure to alter, the metal has to be heated for a certain amount of time, which is hard to judge. But it works.
- When steel is allowed to cool slowly the structure changes completely into a soft form. If steel is cooled rapidly by plunging it into water or oil, the structure is frozen in hard form, or some mix depending on timing. Hard steel will be brittle too. Balancing the internal structure with controlled heating and cooling allows the same steel to be engineered into many useful combinations of hardness, ductility, toughness, and brittleness. (Done badly it can be engineered into a useless combination!)
- During rapid cooling the steel is subjected to substantial internal stresses that can be relieved by tempering. Typically, brittleness is reduced in exchange for improved toughness.
What could possibly go wrong?
An effect that gradually gets worse after a succession of heat-cool cycles is several structures come to exist at the same time: the steel is internally confused. In this condition steel cannot be reliably heat-treated because the metal is in a random state, neither fish nor foul. Might be worth messing with it in a home workshop, professionals avoid uncertainty because it wastes time. Confused structure is cured by Normalising. It's done by slowly heating the metal to bright red heat (varies depending on the alloy) and allowing it to soak at just the right temperature for a day or two, before slowly cooling it down, maybe taking another day or two. Expensive and time-consuming! Never heard of a home workshop normalising steel but I bet someone does it!
Next problem, rapid cooling causes micro-cracks that get worse each time the metal is heat-treated. As microcracks turn into deep cracks, it's not sensible to repeatedly heat-treat metal that must be strong.
Last booby trap, overheating steel alters the chemical composition by removing Carbon and other elements. Burnt steel is no longer to specification, and is unpredictable to use. Dodgy.
Basically, quality degrades each time steel is put through a soft-hard-soft heat cycle. Degrades slowly in the hands of a properly equipped expert, rapidly when times and temperatures are misjudged and amateur equipment used.
The only cure for cracked and burnt steel is to melt the whole lot down in a furnace and reformulate the metal.
Don't see much harm in trying it. If reusing silver-steel works out, saves money. If it goes wrong, time and money down the drain.
One that's almost certainly not worth trying is heat-treating HSS at home. Whereas Silver-steel is user-friendly, HSS is mega-fussy. Processed under tightly controlled conditions over several hours, not by waving a blowlamp at it.
Dave