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Yes, Back to the Future 2 literally does this; as does "the good place". As long as you stay on point and it doesn't rock the boat too much, it's fine. But this should probably be the first disaste...
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#3: Attribution notice added
Source: https://writers.stackexchange.com/a/48600 License name: CC BY-SA 4.0 License URL: https://creativecommons.org/licenses/by-sa/4.0/
#2: Initial revision
Yes, Back to the Future 2 literally does this; as does "the good place". As long as you stay on point and it doesn't rock the boat too much, it's fine. But this should probably be the first disaster if you're writing to Hollywood formula, which means 2 more significant events. What you need, mechanically, is a strong through line that exists on both sides of the change. After memories are wiped in the good place, the characters are still in the same danger and stakes increase, but also the villian starts to change into a hero. Also, the show is exploring an idea. As an idea story, character place and plot are less important. Check out the mice quotiant for more on idea stories.