End date a Payroll Element and create Payroll Element with same Name

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We have a Element that was created last year and we want to add a new Input Value to this Element Configuration. It does not allows to add new Input Value as there are Element Entries already created in the system(Please see screenshot below). So, can I end date existing Element and create a new Element with same name? Is this possible and if yes will it have any impact that we should be aware of. Please let us know if there are any other options that we need to explore if we want to create with same Element Name.