can fixed asset be set to a 4-4-5 calendar?

Yes it can be. 4–4–5 Calendar Depreciation method is one of the default method.

where is that option

When your set asset type there you should be able to select this depreciation method in depreciation type dropdown list.

how will it affect an asset that has already some depreciation records

So you want to do change depreciation method midway through asset life.

yea

If I'm not wrong you can't change it midway through. You better of creating disposal of it and then create new asset with new depreciation rule.

I think you can do a Revaluation entry to change methods. That said, I'm not sure how well that will work switching to 4-4-5