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I think they won't be any repercussions..
It just that the business decides..which way they want to control serial numbers..like..predefined..at receipt..at sales order issue
You won't be able to update the serial number attribute while you got stock on hand.
You need to issue out the stock and then update the serial number attribute.
Whether you need to do it as a project depends upon the number of items and stock on hand.
Highlevel steps are:
1. Issue out the stock
2. Update the item attribute
3. Re-receive the stock with appropriate serial numbers.