Thoughts on Changing the Lyrics?

Hm I don't see why not! As you said many other songs have this done (sometimes the changed version is known even more than the original) so it wouldn't be the first time. As long as you don't change any of the other lyrics.

I think it's less common today because a lot of performers aren't so uncomfortable singing a song written for say a man to sing to or about a woman ("her") if they're a woman, but this is a different situation because the song is actually supposed to be about the singer so it really would be strange to sing about a female if you're a man.

It's a great song (especially Simone's somber quodlibet version) so you go at it!

I hate when lyrics are changed. Example "Home" from Beauty and the Beast (Original Broadway Cast Recording) I learned all the lyrics.. I love that song. Saw the tour and later found out that it was recorded before broadway.. how disappointed I was.. I was like "Man this set looks cheap and now they had to change the lyrics TOO?!" HAHA I guess this is different.