Originally Posted by
GNRMatt
If I cancel, do I need to wait a certain amount of time before I could re-purchase the exact same itinerary?
As mentioned you don't have to wait anything more than 1 second after you cancel.
And honestly, lately aa.com has let me hold myself on the exact same flight under more than one reservation (this used to not be possible, you'd get a warning that it appeared to be a duplicate reservation). So you could always try to put another reservation on hold under the new price, then go back and cancel your old reservation.