Create a new temporary table with 2 fields, old item no. and new item no., populate the records in this new table with your existing item no. in old item no. field and the corresponding new item no. in the new item no. field. Create a report which will run through this temporary table till end and setrange for the old item no. field and rename the item table no. field with the new item no. field using the RENAME function. I am not sure how long it would take, it all depends on the volume of data you have in all the subsidiary tables like Item ledger entry and other tables where item no. is being used.
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Regards
SB.