No, that wouldn't be possible with points, only if you have a cash reservation. They do have bounceback offers for villas, but again, they are for cash reservations not points owned by members. They are normally for a % off the rack rate, and offered during times when WDW is trying to fill hotel rooms.
Edited: To the poster above, but your bounceback reservation was a cash reservation, right? Although you were staying on points during the first trip, the bounceback was with rental points.