Once a player is removed from the game, (s)he cannot be reinstated for the current game. This is why flagrant fouls are reviewed, to ensure that someone does not get ejected for a flagrant foul penalty 1. Flagrant technical fouls cannot be reviewed, so if a player did something that an official deems ejection-worthy, (s)he is gone. In the context of the game, one cannot be legally "un-ejected" from that game.
The suspension and fine can be vacated, but the player will remain ejected, at least from the current game, once the ejection is issued by the calling official. I have scoured through all the basketball rulebooks and casebooks known to man, and in none of them can an ejection be undone. For that matter, neither can technical fouls.
Thus, the league is allowed to vacate the suspension for the ejection, however the ejection still happened. One cannot deny what has already happened.
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