Yes.
If you are not changing the Season Code, simply delete the current linelist in the If you Linelist/Season setup page then re-add with the same code with the name updated.
First, update the code on the SKU to the new code first using Inventory > Mass Edit or through the Upload facility.
Then delete the original linelist in the Linelist/Season setup page then re-add with the new code and name. The code must be exactly the same as the one attached to the SKU.