Well, the impact of the homeserver keys changing is implementation defined
You might trigger synapse bugs, but other than that, things should generally work fine. Probably.
Ofc keeping the keys and only throwing away the database would be best. Aka, migrating the keys. Specifically, the identity public keys.
I don't know what backfill will do with events with differing keys. Your HS *shouldn't* really be rejecting them or the auth DAG might break, but :thread:1/