The Dynasty Challenge is still going on, yes?
Yes. There is no end dates for dynasty challenges.
Question... can I redo my town? Meaning take some houses away, add more venues and give it a revamp? Does that make sense?
Yes and no, depending on what you are planning to do.
You are allowed to place "MAXIS CREATED" buildings (commercial and residential) in your dynasty.
You are allowed to add club hangouts.
You are allowed to edit community lots to add or rearrange objects such as microphones, easels, etc.
You
cannot bulldoze any lots that comes with the town, residential or commercial. Just say "no" to bulldoze.
The only time you are allowed to bulldoze is your starting lot (lots listed on the first page).
You
cannot take houses away (except starting lot).
Newcrest has 15 empty lots, there should be more than enough space for you to add venues to revamp your town.