Hello Charles,
I much prefer the option that has the fewest unpredictable results. I've changed lookup names maybe once or twice over the last 4 years, so this wouldn't be a major problem. Long sync times are not a problem with me either, as long as I know it's a normal thing -- and not a freeze. So if you go with the second option, you may simply want to make sure all the instances that could cause long sync times are listed in your FAQ section.
--Pat
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