No, you can do it in complete isolation.
Press the reset and start from a new setup.
Or use a soft reset so you can reset just the passwords..
I am not sure what you mean exactly by changing the owners name.
I presume you have bought it second hand and it is Fred Blogs' Time Capsule or some other dreadful non-SMB compliant title..
Do a full factory reset.
Just press reset.. and keep holding it in whilst powering on the TC.. wait another 10sec or so until the front LED flashes rapidly.. the TC is now back to factory default.
You can then simply connect using the airport utility and put in whatever name you like.
I recommend short, no spaces, pure alphanumeric. No apostrophe.. but that is because spaces and special characters are illegal in most networks.