Unless you have a following and a back catalog, it's not going to make much difference.
As far as P. Diddy goes, he can change his name all the time because people actually pay attention to him. Every time he changes his name, it makes the news.
If you are in that catagory of having decent sales and a healthy catalog but Good Morning America won't spend 10 minutes discussing your new name, you are better off keeping it what it is. Unless it's a different project that goes a different direction.