Technically yes, practically: no.
In theory of course you can offset not being at orbital velocity by adding significant lift (all planes do this). And yes you can get that lift by pushing out the back and generating lift from deflecting incoming air. The question is can you do this efficiently (i.e. without burning too much fuel). In theory with a big enough dV and TWR: you can "orbit" at what ever speed you like. You can hover.
So could you glide in, and just re-boost the lost prograde velocity at a substantially lower velocity?
To achieve this with lift, the lift to drag ratio would need to be large. Enough so that the lowering of the orbit from the radial velocity lost is offset by the orbital height gained by burning upwards.
The thing to realise how large is how sensitive to orbital velocity apogee and perigee are. 1 m/s at 100km circular orbit boost apogee by more than 3 km. Continually fighting gravity with a the 'constant radial-out burn' to artificially maintain a significant off-neutral orbit in contrast uses a significant dV over an orbit.
In contrast the faster you are the lift coefficients get smaller roughly 1/4 those at low mach numbers. Specifically shaped planes for this task almost exclusively are not capable of this at low mach numbers. In practice there is no way rolling a satellite over is going to achieve this at mach 17.
That's not to say you can't orbit at a lower speed, but you're going to need the sort of thruster you could just point downwards to do the job.
Edit: Quick look around and:
How could a 90 m/s delta-v be enough to commit the space shuttle to landing?
Has some answers that help to get an intuition for this.