I would say NO all around, but I guess it depends on where the piercing is.
Piercings such as tounge, lip, or monroe, to name a few, are pierced with much bigger jewelry due to the swelling. The piercing doesn't usually swell until 2nd or 3rd day, it needs that extra space!
What you can do, and then again I don't know where your piercing is....is buy a piece of jewelry that you like or can stand (same gagde) and just change the fitting (the piece the screws on). You can get jwewlry anywhere that is the same gadge your pierced with, with a smaller fitting.
But as for replacing it so soon, your risking infection, that could later cause a larger scar.