Yes, all the info is tracked by the volume which is associated with a device
class...
You may remove the library and define it again and yes, you will have to
check in all the volumes again...

With my 3494ATL's I've even gone as far as deleting the library and defining
a new one with different name, scratch & private categories.  Just had to
checkout all the volumes prior to deleting the old library and had to check
the volumes back in the newly defined library.  All the data remained just
fine :-)

Dwight