Yes, if the seller chooses to work with you within ebay there is nothing to prevent him or her from revising a fixed price listing as you are thinking to do. The pricing can be moved up and down at will, items can be added or removed as necessary to accommodate the buyer, existing photos can be replaced and/or new ones added, the title and description can be re-written.
Auction listings are a completely different animal from fixed price when it comes to revisions. Some types of revisions are possible soon after the auction has launched, but as soon as a bid is received very little can be revised after that. Even without a bid, after some time passes a lot of the details in an auction listing are locked in ... set in stone for the duration.