[roneil]

You can! This would re-encrypt your locally decrypted wallet seed using the new credential and store it under the newly generated lookup key

[homakov]

If old pw is considered leaked, new seed must be generated as well. Leaked password is the main reason why users would change passwords.

[roneil]

True - was answering the general case of password change, eg. some folks like to rotate passwords every so often in the absence of a known leak or breach.

In the case of a compromised password the entire wallet should be abandoned.