My 7 year old daughter just had her ear lobes pierced today and one of the holes is a little high. The lady at the store said that I could remove the earring, bring it back to the store and they would pierce it in the new position immediately. Does that sound like a good idea?

I had the same thing happen to me. It depends on how high it has been pierced as they cannot re-pierce a hole too close to the old one. Mine was only slightly off so I couldn't get it fixed.
I hope they are doing it for free and are very appologetic to you and your child!!