Delete and re-download??
If I delete an item from the cloud because I don't want to see it in my iTunes Match, will I still be able to re-download it later for free?
iPhone 4 (8GB), iOS 7
If it was purchased from the iTunes store and still available in the store when you want to redownload it, yes. This isn't available in all countries, check http://support.apple.com/kb/HT5085.