Even if you could do that, prices for 5.0 and 5.1 VP gear is being slashed by 50% and 25% so you wouldn't get all your VP back.
It wouldn't be an exploit if it worked. I mean...I have returned items that I bought before a raid, then sth better dropped right at the start and I returned it for a refund. But obviously for patches Blizzard doesn't want us to do this. Plus: You already get items that are now on rep vendors at a reduced cost in 5.2
---------- Post added 2013-03-03 at 01:43 PM ----------
http://us.battle.net/wow/en/forum/to...261?page=8#154Originally Posted by Blizzard Entertainment
clever use of game mechanics =/= cheating.
1) Load the amount of weight I would deadlift onto the bench
3) Crank out 15 reps
4) Be ashamed of constantly skipping leg day
You probably can now since there is no valor wipe however you will most likely get the new value back on the item. So if the item is 1250, you probably will only see 625 as that is the new price on the 5.0 valor items.