Hello ,
Yes ,you can reinstall the SEPM on same server or another server and direct all the client to new SEPM.
Please check out the below link,
Overview of how to move the Symantec Endpoint Protection Manager from one machine to another
http://www.symantec.com/business/support/index?page=content&id=TECH148555&actp=search&viewlocale=en_US&searchid=1308884823599
How to point Symantec Endpoint Protection(SEP) clients to a new Symantec Endpoint Protection Manager after you have either uninstalled, are going to decommission or replace the Existing Primary Symantec Endpoint Protection Manager (SEPM
http://www.symantec.com/business/support/index?page=content&id=TECH92556