Acrobat itself doesn't have a way to do this (that I know of); there are plugins that will. Quite A Box Of Tricks will adjust DPI, but it's not a cheap plugin.
FineReader should let you export with a choice of DPI options; you should be able to re-output the pages with different settings. (Or, hrm, the difference happens when they get loaded *into* FR; you need the images going into FR to be the right resolution.)
You should be able to save out/extract JPGs from a PDF with your choice of resolution. (You can in Acrobat 7; I don't remember if you can in 4.) Otherwise, save out the pages and then adjust the DPI with another program--maybe Photoshop (not free),
GIMP (free, complex), or
Irfanview (free, simple).