Hi - this is definitely do-able.
The user/service accounts should be ok (obviously) so you shouldn't get permission problems.
Need to check for SSL certs that reference the old servername. (This is visible through the IIS interface).
Also consider using appcmd to export the current site and then re-import it after the rename if things don't work.
Jenny Goodmayes
Pre-sales support
The IT Solution - IT Support West London | Chelsea