I really wish that I could update the field type in active properties! With the release of the forumla builder and the constant updates, loads of my fields could now become caluclated fields but I am unable to update. Having to create a new field (called something else as what it should be called is already out there!) and then reopulate data is just a nightmare!!
Being able to reclassify field types would be a win!
This would be helpful but I can see why it isn't possible if the field is already being used in forms/workflows, as it is not able to track/match to the right field type. Since it is not possible to reclassify field types at the moment, the fastest way I have found to transfer the values already inputted to the new field type is to use workflows; I completely share your frustration with having to name it something different because the name you need is being used by the current field that you are trying to change.
