Chevis,
I guess to make a counter point here, I’ve had many times where I’ve poked at a project only to have the person say “well I did that 2 years ago in school it doesn’t represent what I can do now…” … to which my response is always “great, so why are we spending time talking about something that doesn’t represent what you can do now?”
I think it is ok to redo a project, I just would remove it from the context of school completely and put it not the context of something that represents more closely what your capabilities are now. For me, what is worse is when you bring someone in and they do not operate at the level of there portfolio (in the sense that their average performance does not represent the level of work in the portfolio).
MD