Swap out old phone for new phone with End Point Manager

FreePBX 2.9.0.7
Polycon phones

Is it possible to use EPM to swap out a phone. I do not see anywhere on the extensions page where I can change the MAC address. Is my only option to delete the extension(s) and readd them?

Yes. Though you could just modify the database and change the mac address there and you’d be fine.