I received a check (minus the 20% withholding and 10% penalty) last week , I no longer have a requirement for this money; can I redeposit these funds and not be subject to the witholding and penalties? I realize that I may need to repay the full amount and wait to file my Income Tax to get the refund.

Talk to your 401(k) plan administartor about this. It may be possible, but I bet you will have to repay the full amount back into your account - including the 30% that was withheld. Also, you probably have a limited time frame to do this - so don't delay.