Completely editing a posted story

I need to completely edit one of my stories. Completely as in reformatting it; breaking out chapters into individually posted chapters; reworking each chapter, and changing the end tag.

Can I simply remove the main body of the story and leave a story under construction in it's place?

I'm asking because the story I'm currently working on will reference that story. Plus, I've learned a bit since posting that story and I want to clean it up.