That's exactly how I do it.Over time, the resistance will go up. When it gets to a value that you no longer want, it's time to build a new one.
I renew the wick every once in a while and clean the coil. The coil isn't replaced for a while unless I build a crappy coil or it's going up in resistance a lot.
I never had a need to save my old coils. I have more wire than I could use in 10 years and rebuilding a standard coil (spaced or contact) is just a manner of minutes and motivation.