Until 8.1, it suggests to reboot after node rename
Data ONTAP 8.1 System Administration Guide for Cluster-Modehttps://library.netapp.com/ecmdocs/ECMP1136871/html/GUID-D633C76B-BA04-427C-915C-7471F79878D8.html
However, from 8.2, this suggestion is removed.
Does that mean - It can be done on the fly ?
See The Solution
Correct, reboot is no longer required after renaming a node as of CDOT 8.2
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Thanks Alex for the confirmation. Hence, it can be done on the fly, but will do it out-of-hours just to be on safer side.