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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