Not really without a lot of trouble. The only scenario this would work would be if you delete all issues from the project and update the key counter to start from 1 again directly in the database, with a update like the one below:
UPDATE project SET pcounter = 0 WHERE pkey = 'PROJ-KEY';
But if you just want to re-use some of the keys without deleting all the issues in the project, I would say is not possible.
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