I think you can do it, but the explanation will be distinctive for this process i.e. you will say that Moderator (whatever its name is, let say M) is tested as independent variable once for the DV (new one). In this case, you will not call it as moderator, since it does not play moderating role in this case.

Regards

Anwar

Yes, you can examine the direct relationship between a moderating variable and DV. This is also to validate and justify why did you first consider that variable as a moderating variable in the main relationship. Very likely it (that relationship) has  different significant values, effect and explanations altogether. 

Best, sazali

Thank you so much Sir. This was indeed very helpful.