As I understand it, if you fail and are not specifically invited to reapply in the future, then you can't reapply. But you're right, the scheme has changed since the McAlpine days and I'm sure you were a very different candidate in 2004.
Why not ring them and ask? No sense waiting on here for further speculation on the matter when you could very easily find out the answer straight from the horse's mouth by picking up the phone.