Wouldn’t be better to merge the Wrong variation into the new (correct) variation and after the merge the new variation will still have the same SKU and variation attributes but overridden (from the wrong variation) historical transaction, inventory quantity and lookup?

For example we have SKU TEST002-RED-WRONG-VAR and TEST002-BLUE:
Select TEST002-RED-WRONG-VAR (Quantity: 15, Lookup: 123456789) -> Link to another variation (Search and select TEST002-BLUE ((Quantity: 0, Lookup: ”)) – > After the merge TEST002-BLUE has the info of TEST002-RED-WRONG-VAR (Historical Transactions, Quantity: 15, Lookup: 123456789) and TEST002-RED-WRONG-VAR is deleted.