No. You can't. You CANNOT return the band in the watch box for a refund. You may only return a band with its own, unopened (maybe opened) box. The band in the box can ONLY be traded for the same monetary tier. It's a swap. Not an upgrade.
I must be confused. I ordered the black classic buckle($150) with the watch. I want a Milanese Loop($150). Apple will let me swap these if I'm not mistaken. So, I already ordered the Milanese Loop, what's th difference if I swap it for the one they already sent me or a different one they send me and I return the first one I bought? Besides they save the shipping and hassle of the return.
Unless the swap is maybe not in retail packaging? Either way I guess it doesn't matter to me if I can swap eventually.