In scrabble can a picked-up blank be used to stand for a different letter?

Official Scrabble rules state: "A blank tile in the game can be substituted for any letter, and it remains that letter for the rest of the game once it is played." However, many people create house rules for their Scrabble game. If both players agree, you can exchange a blank tile for the actual letter, then replay the letter. You decide if the blank stays the same letter or if the player who picked it up can use for whatever letter they like. In my Scrabble circle, we play the rule that you can reuse the blank tile for whatever letter you like. However, the blank remains the same letter if it is not removed from the board.