You can add and remove element from the container with addComponent() and removeComponent(). Is is quite similar to an vector of elements.
I wrote about an example for Codename One, where I swap components in a grid: http://meier-online.com/en/2012/10/codename-one-mirror-grid/ This should work the same in lwuit (except perhaps the animation)
I don't think there is much performance difference between changing containers or changing components inside them. For repaint, the layout must be recalculated in both cases, and the container itself has not such a big memory footprint (like for example an image). But you should notice that a Component has a method getParent(), so it is meant to have only one parent. So I would use only one container and swap the elements.