Best practice for updating Position Hierarchies

Dear All,

     Our Customer is going for a major revamp in all the approval hierarchies(position Hierarchy). What would be the best practice to update the position Hierarchies in such case, whether to Update the existing hierarchy with a new start date and new approval path or to create a new version of the same hierarchy and update the positions as per the new approval path.

I would greatly appreciate your suggestions.

Thanks and Regards,

Ranganath.