Rinthe,
Your question is really two in one, although most responses are only to the obvious aspect.
First, yes, you can theoretically re-use Photo-Flo and other wetting agents and still have them deliver the "sheeting action" that the surfactant is designed for. This keeps the water from beading up on your negatives and prevents drying marks caused by uneven drying and the resultant stretching/distortion of the emulsion.
What people are not mentioning here is that the wetting agent, by design, is the last bath that your clean, freshly-washed negatives are put through. If you have been processing in hard water, or softened water with lots of salt in it from the water softener, these will cause deposits on your otherwise well-processed film as they dry.
In order to prevent deposits in this case, you need to mix your wetting agent with distilled water and soak them long enough for the larger part of the dissolved minerals to diffuse out into the distilled water. This means that your the mineral content of your wetting agent will increase as you treat film and eventually reach a point where it will not remove enough of the mineral from your film to keep deposits from forming.
You need to discard your wetting agent before this point is reached.
Keep in mind that most tap water has a bit of mineral in it (otherwise the water would not taste good) and that it takes a surprisingly small amount to cause mineral deposits on film as it dries. My "mountain spring" water here in Vienna, Austria leaves deposits on my negs if I don't have a final rinse in distilled water. Not only that, I can't run more than 12-15 4x5 negs through 400ml of distilled water/wetting agent without getting deposits. My policy is to mix 400-500ml of distilled water/wetting agent and use it for no more than 12 4x5 negatives (this equals about 3 rolls of 135-36). I then discard it and mix new. This works well with my work flow as well, since my film washer holds 12 negs.
The well water in my Oregon darkroom is, surprisingly, somewhat better than that, but, since my film washer there holds 12 negs as well, I follow the same routine.
You need to consider the mineral content of your processing water and add that into your calculations of when to toss the wetting agent bath. If you are mixing it with tap water and are having no mineral deposit problems, then by all means, save it and use it till it starts to get "growies" in it (do filter it through a coffee filter before each use to check this, however!). If you get mineral deposits on your film, even with fresh wetting agent, then you need to mix with distilled water and toss the wetting agent bath before enough minerals build up in it to cause deposits on your film.
Best and have fun,
Doremus Scudder
www.DoremusScudder.com