Of course it's not the same compared to the first playthrough, it never is, you already know what's gonna happen and how to react in some situations, but that shouldn't really stop you from enjoying the game once again. I myself don't like to replay games quite often, not even my favorite, I've beaten Final Fantasy IX maybe three times so far, but only when my memory starts to fade away regarding some parts of the game, that's why I probably enjoy it even more as I get to remember the particular events when I do the replay.

Taking another approach at game could make you appreciate it even more and to feel a completely new experience and thrill you haven't felt so far, by doing a lvl one challenge I felt a sense of accomplishment and completely new level of thrill Final Fantasy IX hasn't showed me so far.