Solution 1:

Deprioritize is a word so feel free to use it :)

Solution 2:

Put on the back burner can be used if the item previously had priority which should now be reduced:

put item B on the back burner it while you work on item A

as well as if it had none

here's a new work item B, but leave this on the back burner/give it low priority until you finish with A

Solution 3:

You could use demote

to lower someone or something in rank or position:

http://dictionary.cambridge.org/dictionary/british/demote