Well, sorta... If you have bars in 8 per bar then if you wanted each bar to be equal in time then to go 4 per bar, at the same speed I think, technically, that you would be doubling the tempo. Im probably wrong hahah, but I've no formal training.
A four bar loop, with 33 beats. If you heard it, you'd understand why we broke it down like that. Sometimes the notes, not drum beat, denote the time. Which is why you can have 3/4 5/4 where 4/4 just isn't appropriate.
A 5/4 jazz song can be called 4/4 after enough bars if you want it to! But that's just silly.
Either way, 8/8 is a signature if you want it to be