Can a private pilot obtain a recreational pilot certificate? While I'm thankful that third class medical reform has passed, I currently have a special issuance medical that the FAA has been reviewing for several months. This go around, they requested additional documentation further delaying the process. 

I'm currently a private pilot. However, the aircraft I fly meets the requirements to be able to be flown by a recreational pilot. Looking at FAR 61.96, it doesn't look like I can "downgrade" my certificate with an additional recreational pilot rating per:


  § 61.96 Applicability and eligibility requirements: General.
  
  (b) To be eligible for a recreational pilot certificate, a person who applies >for that certificate must:
  
  (1) Be at least 17 years of age;
  
  (2) Be able to read, speak, write, and understand the English language. If the >applicant is unable to meet one of these requirements due to medical reasons, >then the Administrator may place such operating limitations on that applicant's >pilot certificate as are necessary for the safe operation of the aircraft;>
  
  (3) Receive a logbook endorsement from an authorized instructor who -
  
  (i) Conducted the training or reviewed the applicant's home study on the >aeronautical knowledge areas listed in § 61.97(b) of this part that apply to >the aircraft category and class rating sought; and
  
  (ii) Certified that the applicant is prepared for the required knowledge test.
  
  (4) Pass the required knowledge test on the aeronautical knowledge areas listed >in § 61.97(b) of this part;
  
  (5) Receive flight training and a logbook endorsement from an authorized >instructor who -
  
  (i) Conducted the training on the areas of operation listed in § 61.98(b) of >this part that apply to the aircraft category and class rating sought; and
  
  (ii) Certified that the applicant is prepared for the required practical test.
  
  (6) Meet the aeronautical experience requirements of § 61.99 of this part that >apply to the aircraft category and class rating sought before applying for the >practical test;
  
  (7) Pass the practical test on the areas of operation listed in § 61.98(b) that >apply to the aircraft category and class rating;
  
  (8) Comply with the sections of this part that apply to the aircraft category >and class rating; and
  
  (9) Hold either a student pilot certificate or sport pilot certificate.


Specifically (9). Is there a way I can exercise the privileges of a recreational pilot? I'm willing to take another knowledge test / checkride. Thanks!
Not technically.

You could opt to surrender your private pilot certificate to the FAA thus making you not a pilot, and then you could take a checkride for recreational.

Of course, there is no reason to do this at all!  You can do the same things as long as you're exercising the privileges of the lower certificate, then whatever medical rules are there should only apply for that operation if I'm not mistaken.