i would've thought so too, and it would have been a nice nod to TNG. I think another major obstacle is that Tom Paris technically had graduated and been given a commission by the point of his disgrace and joining the maquis (and subsequent arrest), whereas Locarno had been expelled for covering up the death of a fellow cadet. So Janeway would have to overlook his actions AND grant him a field commission.
This puts the writers in the place of either having to explain all of that or not explaining it and having fans bitch about the lack of continuity.
Easier to create Tom Paris in a similar mold and then craft a background more tailored to what the show required.

Bow ties are coool.