Schedule Planning Period Question

[neilwarner]

I had a WFM staff meber ask me to change the schedule planning period to a two week cycle.  When trying to make this change in our production environment, I received the following warning.  "If you click Reset, all setting for Schedule Planning Period work hours and time-off for all Contracts at this location will be be deleted.  New Schedule Planning Period settings will have to be entered manually.  Do you want to continue?"
Has anyone ever done this, and what were the ramification of this change?
Thanks,
Neil