Switching Player Object to a new Prefab During Runtime

Hi All! First time post here. I'm trying to find an efficient way of switching characters during runtime. Each character has different hitboxes/scripts and it'd be somewhat messy and painful to have to switch out each component when a player wants to change heroes.

I haven't tested this because I'm not at home at the moment, but is it possible to have every client instantiate a new object, swap the photonView and its ID to the new player object, and destroy the old object? Is that even the correct approach? Would this mess up the PhotonNetwork.playerlist? Is there a better way to seemlessly swap player objects without disrupting any player lists / gameplay?

Thanks in advance!
Mr.Muffles