Are there any performance implications with renaming a Project's Key... i.e. if you have 100,000s issues in a project, every time an issue is accessed, will it have to do an extra lookup each time and possibly degrade performance?
You will be fine. There is some overhead when a project key has changed, but it's so small and kicks in so infrequently, you won't notice it, even in huge JIRA installs.
The only time you might notice any slowness is the point at which you change the key. But even that isn't big, and you only need to do it once.
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