There are a lot of questions around this seemingly simple question...
- Is the IDENTITY column the PK of the table?
- If the answer to #1 is "No", do you need to keep the numeric values of that column for ANY reason?
- If the answer to #1 is "Yes", you need to find all the FK's and other references that point to this column so that you can rebuild all of those after you build a new column, which ultimately should be named the same, which causes other complications that have some pretty easy work arounds.