I have a function which manipulates a ggplot object, by converting it to a grob and then modifying the layers. I would like the function to return a ggplot object not a grob
I would say no. ggplotGrob is a one-way street. grob objects are drawing primitives defined by grid. You can create arbitrary grobs from scratch. There's no general way to turn a random collection of grobs back into a function that would generate them (it's not invertible because it's not 1:1). Once you go grob, you never go back.
You could wrap a ggplot object in a custom class and overload the plot/print commands to do some custom grob manipulation, but that's probably even more hack-ish.