Swapping out images would be good to have mainly because that’s how it’s done in the other environments, allowing for easier migration to Corona SDK both of apps and coders
It also allows keeping all the settings of the image, including the z-index (determined by order of creation). Re-creating the image (and usually also re-inserting it into some scrollView, overlay or other parent view) would put it frontmost.
Certainly you could create a sprite frame sheet, if you have a Photoshop license or the equivalent, and that gives better performance.
But it would be one of those handy things for the one-off image swaps that don’t need performance. It might also save a bit on the GC?