It's been several years since I've worn an EP hat, but....
If by "downgrade" you mean discrepancy(ies) annotated on the Fm 8 (but Q-1 overall), then absolutely--hell, you already told him that, perhaps I don't understand the question. (?)
If you mean Q-2 (or Q-3) overall.... well, I'd say it falls in the "shitty situation" category, but you're still within the letter of the law. I'd argue also, however shitty, that it's within the intent as well, in the bigger picture. If your judgment is that the 4G inverted dive with the MiG 28 was performed at 2m range (when the checkride tolerance is clearly 1.5m), AND your judgment also is that there weren't mitigating circumstances that would make it inappropriate to document--well, that judgment is what your CC is paying you the evaluator bonus allowance for. Until you put your signature on the Fm 8, your discussions in the debrief are just that--discussion.
FWIW: One piece of advice that served me well during my Stan/Eval days, from my commander: consider the greater good (will a downgrade/bust and the subsequent training have a positive or negative effect on mission accomplishment & flying safety?), use your judgment in the gray areas, don't be afraid to hook or to EQ if/when warranted, and above all put your integrity ahead of your popularity. Worked for me....
ETA: Skibum posted while I was typing (interesting, he took it that you were the examinee, I assumed you were the examiner). He makes excellent points as well--chief among them being that this question wouldn't even arise if everyone involved kept their mouths shut....