You submitted this an hour ago, but I see it's been deleted. I believe, but cannot find confirmation, that the moderators frown on this, and may in the past have banned people who submit, delete, re-submit items. Such a ban might depend on just how flagrant the behavior is, and the occasional cycle may be tolerated.
I do not speak for the moderators, and this is my understanding only.
Edited for clarification of the lack of documented source.
Do you have a link to that, per chance? It seems like reasonable behavior on their part, but I've never seen it in the site guidelines, nor mentioned in a comment.
I'll check - it may have been mentioned to me separately when I was talking with the moderators about other things ... stand by.
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Back again. I've gone searching and I can't find a comment here on HN via the search function, so I suspect it was a comment made to me by one of the moderators.
I have edited my initial comment to make that clearer.
I do not speak for the moderators, and this is my understanding only.
Edited for clarification of the lack of documented source.