It can be done, but is kind of impractical for a couple of reasons. First, once you have your LTC, it's really unlikely that it's going to be suspended or revoked for a non-statutory reason. And if it is, they're probably going to pull your FID too, (even though it may not be legal to do so - tell it to the judge). Finally, if you look at 140/129D, you can easily read it to mean that an LTC (i.e. "any firearms license") suspension or revocation requires you to surrender "all firearms, rifles, shotguns and machine guns and ammunition which he then possesses".
I'd save the $100 and buy ammo.