That can still be considered 're-used content,' and since it was already published elsewhere )regardless of whether it was publish on a channel you own or not) the new channel is the one that will get hit with a 'reused content' flag. I am not even sure if that goes away if you delete the old video.
Technically you can reuse the same clips and completely start over with new music, editing. b-roll etc. But the new video will need to be something that is actually different than the original. The worst part about this is that you'll never know if YouTube considers this re-used content or not until you go to monetize your channel and they turn you down based on the content being reused.