Depending on what you are trying to achieve, I can suggest two methods.
The first is exactly the same as you describe:
myTimeline.pause(0, true); //Go back to the start (true is to suppress events)
myTimeline.remove();
This returns everything to how they were at the beginning of the timeline. You can remove any initialization properties by calling as well .invalidate().
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, tweens/timeline, .invalidate() ( , , ) tweening .to(), .from(), , , .
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API/: http://api.greensock.com/js/