Renaming a validation option for many content types?

I have several content types that have a “Background color” field with most of those having in: ['white', 'black', 'blue'] validations in a dropdown. I want to change the word ‘blue’ to ‘primary’ in a migration script, in case the “primary color” eventually changes from blue (I’m adding multiple themes to the app, so the primary color will indeed change depending on the selected theme).
Problem is I have 50,000 entries using ‘blue’ as their selected color validation, and running that script will wipe all of those fields clean and I’d have to go in manually to re-set every single field back to ‘primary.’
Is there a way to simply rename a validation ‘in’ array element using a migration script? Is this possible through the CMA?