From time-to-time, one needs to re-create Replication. I use ModelBuild when creating Replications to document what is being replicated, etc. Then when it comes to needing to re-create a Replica, I have a model (or script, if exported to Python) to readly run... the only problem is that at 10.1, there are not tools (ArcToolbox or Arcpy) that allow one to "unregister" the exiting Replicas in the Source and Target GDBs.
Please consider creating tools to "Unregister" Replicas so one can automate the process of re-creating Replicas and not have to "Unregister" then manually!