Should I change my place name in my database?

This depends on your data. This really is both a yes and no answer:

Yes: One purpose of the Gazetteer is to provide you with consistent and accurate information for your data file. With more accurate data, you have a better chance of finding new information to advance your research and expand your family tree. On the other side of the same coin, an incorrect place name entry can lead you to pursue a line that leads nowhere, wasting your time and energy, and perhaps even money.

No: Some entries in your data may be technically incorrect in MMFT, but are historically correct. In other words, you may have places in your data files that no longer exist by that name. You would have entered them in your data file just as the research documents showed the place name to be. You will want to make that decision on a case by case basis. Also, you will want to keep these place names in your data file.