Hi tryan22, To update anything in the active campaign, you need to deactivate the campaign, and activate it back after completing the updates. It will not harm the process. But as per your requirement, you don't need to change the value. You can find the picklist associated with this campaign type field and then change the "option name" and "option value". For this you don't need to deactivate the campaign. You can work in picklist section itself.
Thanks for your feedback.