I'm not usually good at making drafts and editing. But I do see its value.
Is it a stupid idea to rewrite an entire finished novel? Basically there are some major changes to the world I'm writing that I want to make. I don't really see how to do this easily by just editing. But at the same time, rewriting an entire novel is a lot of work (I must have poured hundreds of hours into the draft). Has anyone tried this? Is there a better way to substantively revise a story than rewriting it?
I did exactly this.
I wrote my first draft back n '14/15. Edited it, sent it out to be read and stuck it on the back shelf to be "looked at later" while I got on with life (had a baby, moved house) and started a second book. I came back to the draft in...hmm, was it '17 or '18? A good time later. And I realised that the way the story was, it was never going to work. The MC didn't appeal to me, let alone readers. She was a right drip and I couldn't understand why the male protag would leave his dandy life for her. There were other holes too; why was male protag's girlfriend so perfect, why did his sister have a storyline at all, etc etc.
And so I ripped the whole thing apart. I kept the basic outlines of the characters but tweaked their personalities to make them more...realistic, so to speak. The MC, for one, needed a lot of work and I changed the relationship between her and male protag because the original 'dumping our partners for one another' line was so not them. And then I started from the beginning, going through the whole manuscript and keeping what I thought I could work with and dumping what didn't work. It didn't take as long as I thought it would. About a summer, I think, and that's as a parent of a toddler. A person without a child trying to get at their laptop to watch Moana could probably work faster.
My advice, I suppose, is; is it worth it? Do you feel the story has potential? If so, go for it. Rewrite the lot. It'll undoubtedly be better than what you started with - being a rewrite will be an improvement - and you'll be happier with it. If not, chalk it up as an experience story and move on to a new one.
Good luck