This proposal was partly discussed in this post: how-do-deleted-posts-affect-rep, but the only solution to update the rep after a post is deleted seems to be a complete recalculation.
I am wondering whether this is technically necessary. I think it would be more convenient for users if they got a hint before deletion how many rep they'd lose from this post. If they choose to delete it the effect should be instant. I have worked on denormalization strategies myself and have never seen the need to do a complete recalculation if the denormalized data is updated correctly.
I think we should try to keep the currency "reputation" as solid as possible and avoid fluctuations altogether (besides rule changes, which I do strongly support).
Another part of the problem is how deleting posts with down-votes should work, I don't think reputation should be regained. If everything is only soft-deleted anyway this wouldn't cause any additional headaches during recalculations.