However if this is done through a simple reinventing the wheel route, there is a high chance of hitting the same walls and repeating the same mistakes.

This is kind of similiar to a "let's rewrite this code from scratch in new shiny lang/lib/framework" with the expectation that new code will be bug-free from the start. It's not always bad, it is sometimes necessary or it may turn out to be more effective than trying to fix bloated code. But very often the new code has problems exactly the same as previous code and effectively the developers reinvent the wheel multiple times in the process of rewriting.