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You can change the Instance Size in the GUI or CLi.
In the Gui, Stop the EC2 Select the EC2 and Click Actions -> Instance Settings -> Change Instance Type
Here you can down size the EC2. Changing instance Type is usually not an issue. There are issues going from a T2 to a T3.
You may want to create a Snapshot of the EC2 before hand in case of any issues when powering back on and you can at least restore to a known state.
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