Here’s what I did
Because the trauma of the injection is a big part of what triggers the immune response that results in cartilage encapsulation, I recommend you don’t remove the first tag with an incision and then just pop the new one in the same pocket. In my swap we removed the tag from the wrist side of the hand so that we could then inject the new tag the usual way without the removal incision interfering.
If you want the tag in the exact same spot, maybe remove it and wait a month. Otherwise you should be good to do it all in one procedure.