Yes, but such a bill would have to be approved by both the Commons and the Lords (by a simple majority). Or if the Lords didn't approve it, the commons could force it through under the Parliament Act, but there would still be possibly a substantial delay.
The FTPA allows the PM to call a general election without consulting the Lords providing he or she has the votes of 2/3 of Parliament.
Notwithstanding the implicit ability of any Parliament to repeal part or all of any previous act of parliament, the FTPA sets out intentions. It is intended that a 2/3 majority should be required before a government calls an election so that the government would normally need the support of opposition parties. The FTPA describes how the process should go in the normal procedure, not how the procedure should be changed in exceptional situations.