InfoPath Dev

 An item in my lookup is being incorrectly selected because the item name is too general.  I have several questions that may help me develop a solution: 

(1) Can the item name be changed to a more specific name and will all forms using the old item name automatically change to the new item name?

(2) We would like to retain the original modified by and date on the form for validation purpose so will changing the item name in the lookup list create a new modified and modified by in the form library? 

 This depends on a number of factors. Is this a list form? Or a "regular" InfoPath form? Since you mention a form library, I'm going to guess this is not a list form - in which case, what are the properties on the dropdown? Is it storing the ID or the display value? Changing the values in the lookup list would not modify the metadata for your submitted forms.