**Yes—generally, you can remount it 4–5 inches lower on the same wood studs**, provided the studs are sound and the original installation didn’t split or damage them. Two existing screw holes per stud ordinarily won’t meaningfully weaken the stud or the grip of new screws several inches away.

With your mounting holes about 8 inches apart, lowering the bracket 4–5 inches would put each new hole at least about **3–4 inches from the nearest old hole**. That should leave plenty of intact wood between them for a typical TV mount.

When reinstalling:

- Locate the stud centers again at the new height.
- Follow your mount’s instructions for screw size, pilot-hole diameter, and drilling depth.
- Tighten the screws firmly without overtightening or stripping the wood. Manufacturer instructions emphasize these points because improper installation can reduce holding strength. [Example SANUS installation instructions](https://www.sanus.com/assets/products/vmf308/documents/VMF308_B1_VMF308_IM.pdf)
- If a screw spins without tightening, or you find evidence of a split, stop and have that attachment checked.

You can patch the old drywall holes cosmetically; they don’t need filling to restore holding strength at the new locations. Being on the first floor of a two-story house doesn’t, by itself, change this answer.