Would it be considered a readdressed appraisal if the appraiser used the same effective date of a previous appraisal and put in the report that previously appraised the subject property as of the same as is date for another client? Seems to be the same thing if they are not updating the effective date but the third party appraisal reviewer says that it is ok.

I can't see how that is okay. Seems like bad advise to me. There is no such thing as "readdressed". An appraisal belongs to the buyer. If someone else wants that appraisal they can get it assigned to them by that bank/buyer but you just don't put someone else's name on a current valuation and hand it over to another.