I would love to be able to update previously approved items to include say, new species or update the art. It could cost the same 100 MS to relist, but just go through a similar process to a new item, instead maybe called "Update Item" or something.
For example, I would love to update my druid dream gear to include more species than just lupin but as of right now, I would just have to make a whole new item listing to do so.