Can Equipment Type be Changed?

SOLVED
I recently started with a company that has been on the platform since it was Peachtree/Master Builder and am investigating the best way to change data.
 
The equipment module has 97 pieces of various real world types of equipment assigned to 30 system types that are people's names. (Type 1 is John Doe and is assigned to generator, pickup, mower, golf cart and 12 other kinds of equipment) I would like to redo types to pickup, loader, mower, etc. I am afraid of what will happen in old data if/when I do. There are 653 other  items currently assigned type 0.

Also, to keep it simple, equipment numbers were reused but the information wasn't necessarily updated. an Example - 1989 Chevy 1/2 ton pickup was replaced by 2009 Chevy 1/2 ton pickup and both are #135.

Any suggestions would be greatly appreciated.