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Yes, that is possible.
Keep in mind transaction always execute in the order of the nonce, and if there are two transactions at the same nonce the one with the highest gas price takes precedent and the other will no longer be a valid transaction once that nonce is “consumed”.
This is what you do:
1. Make the transaction you wanted to execute first with a high gas fee, and make sure that you manually change the nonce to be equal to the nonce of the pending low-fee transaction.
2. Resubmit the low-fee transaction with all the same details except the nonce which should be one higher than it was previously.
This will allow your high fee transaction to execute while still keeping your pending low-fee transaction ready to execute when the gas prices fall.