I've done this exact same thing several times before, though I always guillotine about half an inch off the burned end before I put the blue flame to it again.
Tuco would (and did, for that matter). Why shouldn't I?
12-15 yrs ago I would've answered "yes".....but with my wisdom of today I say, "Hell No!"
Life's too short to smoke shitty cigars and drink bad whiskey.