yes it is possible
leave a comment to the market moderator with the updates and wait the aproval
I don't think so.
IMHO the product name a unique identifier in the market and can not be changed.
Forum on trading, automatic trading systems and testing of trading strategies
How to remove a product from the market
Pavel Kozlov , 2018.08.22 10:34
In the near future, sellers will have the opportunity to hide products from the Market.