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If one were to use Izanagi or Izanami, the light in that eye would be lost forever. When Tobi used it, he replaced the eye with a Rinnegan. It isn't stated clearly, but they made it sound like he couldn't have used another Sharingan to replace it.
That is my question: could one transplant a new Sharingan eye into that socket and have light in that eye again?
YES, a new Sharingan could be transplanted into the eye socket replacing the eye which used Izanagi. Use of Izanagi or Izanami causes the eye to permanently lose its light, but it does not damage the optic nerve that connects to the eye. If it did, Tobi should not have been able to transplant even a Rinnegan there. For that matter, he could have transplanted a Byakugan or an ordinary eye there.
Tobi wanted the Rinnegan for its own sake, not because he had to somehow replace "permanently closed" Sharingan eye. In fact, he wouldn't have known beforehand that he would be forced to use Izanagi in the fight with Konan. Hypothetically, if Konan had simply handed over Nagato's Rinnegan to him, he would have taken out the left eye anyway and replaced it with the Rinnegan.
