If changing a custom field from a pick list to text isn't possible, won't deleting the field and adding a new one delete all data that is currently stored under the pick list?

If changing a custom field from a pick list to text isn't possible, won't deleting the field and adding a new one delete all data that is currently stored under the pick list?

When we originally set up our CRM, we set up many of our custom fields as pick lists. We now see that it would be much easier and more effective to make these text based. After researching, it appears that it isn't possible to simply change the current lists to text.

I'm assuming the best way to do this is to delete the current pick list fields and create new ones as text. However, wouldn't doing this delete all data that we have already entered in the pick list format? Please advise on the best way to move forward.