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It is possible to move a satellite in geosynchronous orbit, and done in practice.

They will move the satellite by firing the East/West stationkeeping thrusters. Geosynchronous satellites, like the terrestar 1, need to periodically adjust their orbit to stay in their assigned slot. Aside from electronics failures, the operational life of a satellite is determined by how much fuel they carry, and how often stationkeeping is needed.

These kinds of moves are done currently. For example, the GOES constellation operated by NOAA has a backup satellite on-orbit ready to be moved to replace a failed satellite. It costs extra fuel from the limited onboard tank. In the case of GOES they plan for this fuel use. For Terrestar, it would shorten the 15 year lifespan some.

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