I would advise Invoice correction request is the better option compare to invoice cancellation and create again.
In invoice correction request you can adjust manually in the 2nd line item of the invoice correction request as per your requirement and you will have invoice document ref and when you are creating credit memo with ref to invoice correction request which displays all the accounting entries with positive and negative and finally what is the amount is being credited to the customer account.
Where as if it is invoice cancellation, you may have the following hurdles.
1. If the business team insist to create new invoice also with past dated invoice system will not accept if the periods are closed ( assuming that your invoice was created on last month).
2. And when you are creating invoice again the freight condition values gets copied then you will face the issue of not able to deleting the freight condition value or making it as zero if the condition type is not editable etc.
thanks,
Srinu.