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For instance, I have a 720p/60/4mbps stream, I want to re-stream/re-tranmist it as a 360p/60/1mps stream. Is it possible with ffmpeg?

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Yes you can. All you need to use something like ffmpeg -i "udp://sourceip:[port]" -vcodec libx264 -vb 150000 -muxrate 1M -r 60 -g 60 -vprofile baseline -level 2.1 -acodec aac -ab 64000 -ar 48000 -ac 2 -vbsf h264_mp4toannexb -strict experimental -f mpegts udp://127.0.0.1:10000

Not tested.

the kamilz
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