I see it in my Finder and can access it and use it - I just would like to rename it and can't find if that's possible.
If you can see the Time Capsule using the Finder and can access and use it, then you are also using it as an external network drive.
Although you won't be using the Time Capsule for Time Machine, you can see the current status of the Time Capsule hard drive by......
Opening System Preferences.......the gear icon on the dock
Open Time Machine
The status window will tell you how much space is available on the Time Capsule hard drive, which is named "Data" by default.
If you have existing backups on the Time Capsule that you no longer want to use, then you can erase the Time Capsule hard drive using AirPort Utility to completely wipe the drive.