I feel like this has been discussed ad nauseum, so forgive me for potentially beating a deceased equine... You can accept the penalty but decline the yardage to replay the previous down from the same spot. You can decline the entire penalty and accept the results of the play.
However, if the foul comes with loss of down, can you decline the loss of down independently from the yardage? In this scenario, the next play would be 1/15 from the A35 if we accept the 5 yard penalty but decline the LOD. Rules seem to suggest no, as it very specifically says "the yardage" may be declined.
I'm also not coming up with any scenarios where this might be advantageous, thereby making it fairly moot.