Glen, we did the same and the system maps out the changes quite well, and there is no system wide interference, however if you have existing views and dashboards setup that use the label "Company", post change, I think the name or title of the views and entities remain unchanged, in your case it will still say "Company" and not "Entity"; so you're manually going to have to change those. Otherwise it's fine.
I've noticed that Polaris is quite notorious for not making global names changes.