Revised or Updated Product – New Listing or Update Old?

I’m a relatively new Amazon FBA seller and have been selling a pretty niche product of my own design that I’m ranked quite well for on major keywords.

I 3D print this product and recently made some improvements, rounded some corners, shortened up the whole length (which limits functionality a minor %), etc.

Am I allowed to send in the new inventory, pull the old, and update the listing entirely for the new version on the same ASIN? Or should I create a new listing and is there any way the link the old listing to point towards the new one as I phase it out?

FWIW, selling on an individual account, product brand is Generic, barcode was waived, etc. Thanks!