CLIENT vs. NAME

Long time ago, servers were set up with "wrong" name. To correct hobbit display "NAME" variable was used in bb-hosts file for these servers. But I notice that email alerts are sent out with "wrong" name. If I used correct name in entry and used "CLIENT" variable to list name that would be seen by Hobbit server, would email alerts go out with correct name? And, if I make that change now, does that screw up any of the old saved data?