You may want to start with a test in your DEVelopment or Quality And Testing environment, but you should be able to change the Work Schedule of an employee mid period. Do it for one employee, then execute Time Evaluation in Test mode, with the "Display Log" box checked so that you could check the results. Then do the Time Evaluation "LIVE", and repeat the process with Payroll Calculation.
I would recommend that your do the change through an Action, as the work schedule change may imply other changes to the employee's WPBP (Work Place Basic Pay), specially IT0001 and IT0008. HR may also want the Action to be able to report on the change.