The settings block doesn't have any database entries of its own, only the ones that say which block should be displayed on which page. For that it uses the block's unique identifier so it will be quite happy seeing the two differently.
There's always "some chance" of things going wrong if you uninstall the copy, but I wouldn't let that stop me doing it!
Do you have a test platform you can try it on first? If not, be sure to take a backup of your database just in case.
If you still want to rename places of the settings block, you should be able to do that just by updating the language pack (with my apologies if you worked that out already).