Updating time slots without changing existing bookings

We are reviewing the times that our tours are running. Am I able to change the time - or delete existing times - without impacting bookings that are already paid for? For example, we have a tour at 7:30 which has a lot off bookings already. We don't want to cancel those but want to change that tour to 5:00. Do I need to manually make all dates that are not booked unavailable? 
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