Oddly enough, I've done this twice recently with filters actually nearing the end of their service intervals. The reason for removal is that I am doing some testing with a product that claims to reduce ferrous particulates and I wanted to see what it did with dirty oil over the last 1000-1500 miles of service cleaning the oil. I had no trouble. On the pickup, I've run another 1200 miles so far and will soon be channging it out for the LOF and getting a second oil sample for tests. The second instance was on my tractor and it's been reinstalled about 22 hours now. I carefully inspected the gaskets in both cases.
It's definitely not good practice overall but by inspecting the gasket and being careful to check it a few times afterwards, I doubt there is much to worry about 98 percent of the time, especially on a higher quality fitler. I think that 2 percent deserves some thoughts on risk vs rewards, but the risk can be mitigated by a careful person.
Anecdotally, back in my wrenching days, when doing warranty repairs on new cars and trucks, I was forced to reinstall used filters many times and never had a problem then either. Didn't like the idea much at the time.