I need to rename picklist option from "Option 1" to "Option 5".

The value "Option 1" is set in about 1000 records in my CRM module. I am also using the that picklist in Reports and Workflows extensively.

should I:

A/ rename the option value and its reference value in the field definition?

or 

B/ use the replace feature?

I'd prefer not modifying the 1000 records so just repurposing the original "Option 1" to "Option 5" in A/ seems feasible?

I found similar questions in the community forum but many of them are very old so I'd rather ask in 2025 again.