There's a difference between canceling your whole account and just canceling your Content IDs. Canceling the characters is renewable. However, canceling the whole thing voids your POL registration codes and makes you have to buy the game again.

Like Om said, there is NO reason to do that. It's free to keep it around and active as long as you aren't actively paying for any content IDs. If you didn't fully decimate that, then you should be able to restore things.