if you upgrade your account and then decide you dont want a premium or deluxe account, do you lose your toon and stuff?

Hey all.  We are a pretty laid back gang.  Mostly a few old friends and a few new peeps we found through bleedout.  We are at 7 people right now and would like to get some peeps that are interested in pvp.  We will be gettin Vent or Ts down ...