FYI, I stumbled across an article by a colleague, the great MacMule, who discusses this issue and shows how the security command can normally be used to change a keychain password as such
$ security set-keychain-password
But the local items keychain is not a normal keychain as shown here
$ ls -lah ~/Library/Keychains/
drwx------ 15 saxdaddy 414618088 510B Mar 29 22:56 .
drwx------+ 65 saxdaddy 414618088 2.2K Mar 5 14:35 ..
drwx------ 7 saxdaddy 414618088 238B Jan 30 10:14 E1B6F507-1BD9-5DC5-9C53-251D9FE39C81
-rw-r--r--@ 1 saxdaddy 414618088 102K Mar 4 15:09 Microsoft_Entity_Certificates
-rw-r--r--@ 1 saxdaddy 414618088 27K Jan 21 2014 Microsoft_Intermediate_Certificates
-rw-r--r-- 1 saxdaddy 414618088 29K Mar 20 10:39 OC_KeyContainer__saxdaddy@somecompany.com
-rw-r--r--@ 1 saxdaddy 414618088 337K Mar 29 22:39 login.keychain
-rw------- 1 saxdaddy 414618088 23K Feb 25 02:44 metadata.keychain
[saxdaddy@/MY_MAC:~] $ ls -lah ~/Library/Keychains/E1B6F507-1BD9-5DC5-9C53-251D9FE39C81/
drwx------ 7 saxdaddy 414618088 238B Jan 30 10:14 .
drwx------ 15 saxdaddy 414618088 510B Mar 29 22:56 ..
-rw------- 1 saxdaddy 414618088 47B Mar 29 22:48 accountStatus.plist
-rw------- 1 saxdaddy 414618088 124K Oct 18 03:02 keychain-2.db
-rw------- 1 saxdaddy 414618088 32K Mar 29 23:15 keychain-2.db-shm
-rw------- 1 saxdaddy 414618088 2.6M Mar 29 22:48 keychain-2.db-wal
-rw------- 1 saxdaddy 414618088 1.4K Dec 29 21:59 user.kb
As you may notice, the Local Items keychain is a directory and not a .keychain file so this utility will not work.
