Using the same hack could work if your admin user has MODIFY permissions on the RELEASED state. However, I would prefer two ways to handle these changes:
1- Moving a revision # back via Actions (menu) > "Roll Back Lifecycle State Change," wiping out the latest release version which is simply a Vaulted version without any new design content in it (thus, dispensable).
https://help.autodesk.com/view/VAULT/2023/ENU/?guid=GUID-3C281F4B-B469-4216-A133-BCBAFA6CC402
2- if you wish to move the revision FORWARD instead, simply bounce the file to WIP and back to RELEASED state (or however you set your states to bump revision in this lifecycle) a number of times until the Rev # is achieved. This will have additional versions created in Vault with the same design content and no changes, but erring on excess data is always best.
What is there has been no state change? The item is brand new and the revision was accidentally manually changed to a much higher revision letter than it should have been.
To fix it for now we just deleted the item and created a new one, but I am afraid in the future once the item has been released and had state changes we may lose information if this same process is used or even rolling the state back of the item. What would be the concern of rolling the state back of the item in the future? Is there any information tied to the item "versions" that would be lost?