If I delete a Hero, can I then create a new Hero again of the same class to get the rewards again from the Story mode and Follower side quests?
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No, once you get the rewards for a certain hero, you cannot get all of those same rewards again.
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This issue is something the devs should look to address, as it affects new players who have chosen a character and are well into the development process who then try warlock and assassin and realise the one true path (dark!) 
This also affects me as an end game player as I enjoyed deleting and developing characters, going through the story and DLC to get back to level 50 before spell book was a thing.
Devs, consider crediting the deletion of a character with the spell book glyphs returned back just like with gear when refined or whatever.
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