Hi etchasketch1986,
In case you are looking to exchange the recovery discs created using Dell Datasafe, you will unable to do so both ways.
If you have OEM discs, you may be able to downgrade from Windows 8 to Windows 7. However you will be unable to do the same for upgrading to Windows 8 as the product key is encrypted on the mother board.
The option to upgrade to Windows 8 is to purchase the retail version of Windows 8 discs. With regards to downgrade, if the system was shipped with preloaded Windows 8 Pro, the system is eligible for downgrade for which the discs can be arranged.