Yes. If you want to "swap" the amount of exposure you get for your listings (changing a Featured to a Premium and a Premium to a Featured) then just follow these steps:
You should start by momentarily changing the Featured Listing's status to “Inactive”. Go to the My Listings area of My LotNetwork and click "Change Status" under the Actions column for that listing. Choose "Inactive" from the drop down menu that appears.
Then switch/change the Premium Listing to a Featured Listing by clicking the drop down that shows "Premium" and selecting "Featured".
Then downgrade the “Inactive” Featured Listing to a Premium Listing by clicking the drop down that shows "Featured" and selecting "Premium"
Finish by making that Inactive listing (now a Featured Listing) Active again by clicking Change Status" and selecting "Active" from the drop down menu that appears. Confirm that both listings are Active and are the listing type that you intended.
Note that if you wish to just change an existing Premium to a Featured Listing to get higher exposure for that listing, then follow the instructions in this related article.