moving printer from 2008r2 server to another 2008r2 server using GPO

Hi, I am just about to move a HP network printer from one server to another (both 2008r2)

I have the printer setup in GPO and will be naming the printer differently.

Should I

Add a new GPO setting for the printer and set the old printer to delete.

or

Alter the GPO settings for the old printer with the new printer settings and select update in the GPO action settings. If I use this method will it update the name of the printer and the fact its on a different server while keeping settings that the user may have set such as if its a default printer.

I would say leave the existing printer share, but remove the GPO to deploy it.

Create a new printer, share it, then deploy via GPO.

Existing logged on users can still print to the existing printer. New users who logon will automatically receive the new printer. After a few days, you should then be able to delete the existing printer share.