Sure, but you lose your position in the rankings, all of your ratings, everything. You also wouldn't be able to update the original any more. I think you would lose a hell of a lot more in revenue that way than a 10% bump in profit split.

I don't think anyone would make this kind of gamble. The 10% you ay gain would most certainly not compensate for the amount of users you'd loose.

Plus, it could easily be countered by another article in apple's tos to check at validation.

You could try, but getting traction on the new app probably wouldn't be worth the hassle. It's not trivial to earn $100k from an app, doing it twice would be extremely difficult.