Yes, however the changes will not carry through to the mailings where you have already used that specific version set. So if you need to add a version to a mailing where you have already used a version set, the best thing to do is to  add your new version manually by going to the mailing and selecting the '+ add new version' red button on the top right hand side. If you want to  permanently remove a version from a version set your administrator can do that in the version set section. Unwanted versions in an existing mailing can just be deleted from within the mailing itself.   

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