Hi,
You can do only if alternative lebeling is active in your client
if it is available, you can proceed as follows
Goto the change mode of Functional Location in IL02
In the next screen
click on Extras-->alternate labelling-->overview
then change label as follow
change the label
after the change, you can see only the changed Functional Location and not the one which is used to change, older functional location will be deleted from the dtabase
regards,
santosh