I haven't tested, but I believe not.
The general idea behind this work flow is to start in Prelude, and then continue in Premiere Pro. You don't go back to Prelude.
Sad if true. Any workflow that doesn't allow for iteration is flawed.
Thanks. I sent in a suggestion. I'm still a little amazed that this functionality doesn't exist, but in case there's someone else out there who wants to do this, here's my work-around:
1. Isolate the subclips from the initial import into a folder with an appropriate name for the content -- let's say the folder is named "In the woods."
2. Create a new folder, let's call it "In the woods second pass." and re-import the video file into that folder. The new subclips will appear there along with modified subclips and whatever original subclips were still in the file. You can safely ignore the latter -- the subclips in the "In the woods" folder will continue to work. The new and modified subclips can be accessed through the second pass folder.
Granted it's klunky, but it works and using folders helps keep you from getting lost in duplicate subclip names. There's very little project size penalty since the subclips are just metadata pointers and there's no render penalty.