You can do that if you choose, but any out-of-the-box reports that reference the old field will break. And if you have any customizations (e.g. custom reports, custom warehouse adapters, custom cubes, etc) they could potentially break also.
Possibly a better way would be to keep the original field but don't display it on the form (by changing the CONTROL as you have done). Then ensure that whenever your new field changes value it is copied into the old field. This way the old field is still around so none of the reports or other pieces that depend on it will break. Something like this:
<FIELD name="Story Points" refname="Microsoft.VSTS.Scheduling.StoryPoints" type="Double" reportable="measure">
<WHENCHANGED field="My.Points">
<COPY>My.Points</COPY>
</WHENCHANGED>
</FIELD>