This is a routine operation for us and we're in the middle of one now. You can have many LIFs per physical port - we typically aim for at least as many LIFs as there are physical cables. e.g. if you have a 2-port port channel going to each of 2 front-end switches, create at least 4 LIFs on that node. That allows some of the MAC-based load balancing to work efficiently.
We have several dozen LIFs per node since we have multiple SVMs all serving data.
We never re-mount except during annual maintenance weekends.