Rename sql server 2012 cluster instances on active active cluster

Hello All,

I have set up a active/active cluster with two nodes

Physical Nodes:
MATLKBIR1CLP001
MATLKBIR1CLP002

Windows cluster name
MATLKBIR1VLP001

sql groups
sql group 1
sql group 2

Sql Virtual instance names
First instance:MATLKBIR1SQP001
Second Instance:MATLKBIR1SQP002

The cluster is up and running however I need to change the sql instance names
MATLKBIR1SQP001 to MATLKBIR1SQP003
MATLKBIR1SQP002 to MATLKBIR1SQP004

I have following questions to be answered
1.Can we change the instance names without effecting entire windows and sql clusters?
2.if yes, what is the process should be followed
3.if there is any issue, how do we roll back
4.Any Ramifications/issues of after  doing the instance name changes during failover/failback process.