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Updating Value Set in Descriptive Flexfield

Summary:

What is the impact of updating the current value set of a descriptive flexfield to a new value set? Same set of values however we need the translated data type.
Do we need to load again the values already populated by the users? or since it will be the same values, we do not need to update? Will there be any errors or issues encountered. Thank you

ex.

Flexfield 1 current value set is Value Set 1. This flexfield was being used for a year now. We need to provide translations. Therefore we need to change the value set to Value Set 2 (translated value set). Same flexfield just different value set. Thank you.

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