Freshen up your old posts can add extra value in the eyes of Google, it can increase your click-through rate so likely to rank higher as more people click on your content from the search engine results page.
Yes, but make sure the content is good enough, readable with contextual meaning, present it in a better way with good optimization. To rank better it should be attractive and interesting as well.
Majority of the content on the internet is rewritten, some way or the other. There is no reason it can't rank, but there is no guarantee it will. That is how rankings are, unfortunately.
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