Q:
Is there a reverse option for tokens?
You could give contacting ANet support a shot. Maybe they’ll help you out, although I wouldn’t hold my breath. I’d contact them through web support rather than in-game so you’ll be able to do the back and forth deal so you can try to explain your issue.
What you’re looking for is “resell” and not “rebuy”. If you buy something from a vendor, you can’t resell it. If you sell something to a vendor, you can rebuy it. There’s a difference.
What you are doing is that you are buying armor from the vendor and when you’ve done that, why would the vendor want to take the armor back?
You even get a confirmation window where it asks you if you really want to buy the item.
So I really think it’s your problem if you buy something that you can’t use.
That said, I think that the confirmation window could be a bit more specific and tell you that you’re trying to buy an item that doesn’t fit on your character if that’s the case. (You may still want to buy it for example for the mystic forge or whatever).
Like the normal text asking if you want it and then a red text noting that "You cannot use this item because … ".