Yes, if you insert the fields you need for the address in the top half of
the page, then copy them so that they will print in the bottom half, and put
a <<Next record>> field before the bottom half, it should work. You can test
this kind of stuff without using paper by merging to an output document
rather than directly to the printer.
The question is how to get the "bottom half" to print where you want it. One
possibility is to create a table with 1 column and 2 rows on the page and
use the table properties to fix the height of each row (this is essentially
a "Label merge" with two large, custom-size laebls per page).
Peter Jamieson