Nope...
Once the crush collar has been crushed too far it needs to be replaced, besides the bearings need to be inspected and/or replaced since they have been cooked.
In theory you could loosen the pinion nut and retighten to set preload but, the crush collar's job is to give the nut something to be tightened against. Since it is no longer the correct length there will be no tension. It would be like threading a nut onto a bolt and stopping when it is the correct length as opposed to stopping when it is tight (if that makes sense).
When tightening the pinion nut and collapsing the crush sleeve very small increments can make a huge difference in preload. I've ended up tightening the nut by like .5 to 1 degree bumps at a time after it is at "zero" preload, sometimes it only takes a few bumps and sometimes it takes a dozen.
With crush collar's there is no set torque you can use on the nut itself to know when to stop, you continue tightening a little bit at a time until the torque it takes to spin the pinion is in spec (usually inch pounds). It's known as torque to rotate, there are different values for new bearings Vs. used bearings and another value for total torque to rotate which includes spinning the carrier.
We use a "deadman" made from scrap steel to anchor the yoke while tightening the pinion nut, a half inch breaker bar with a jack handle cheater pipe, and a 1/4" inch pound torque wrench to check TTR.
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