As a guitarist who records alone, I have to get into a "musical groove" while I function as both the musician being recorded as well as the recording engineer.  If I'm unsatisfied with a recording take, I  have to take several steps to record another take. This shuts down my "groove" sometimes. Would like to see a "re-record" mode similar to Cubase, where all I have to do if unhappy with a take, is to hit the record key (R) and the bad take is deleted, the track rearmed to record, and the transport starts rolling from where I originally started the first (unhappy with) take. "One" key to re-record would definitely help me work faster as well as keep me in the "groove".

While waiting for this feature to be added by Cakewalk, this is a perfect use case for AutoHotkey. Here are the scripts http://forum.cakewalk.com/FindPost/3127488
 

Milton
Would like to see a "re-record" mode similar to Cubase, where all I have to do if unhappy with a take, is to hit the record key (R) and the bad take is deleted, the track rearmed to record, and the transport starts rolling from where I originally started the first (unhappy with) take. 

I too tend to work this way - but I find that the [SPACE][Ctrl-Z][R] combination is not too onerous to achieve the workflow you're describing.
 
Not to dump on your feature request, though.... I realize this forum is not a "request for work-arounds" :-)