Is not that unsafe as the repo points out, but the problem is that each software has its own "things" so for some CMS the change will be just one table while in other systems it will be more complicated (more tables, different fields, even binary data). Modify the actual records is not that hard, problem is that is quite easy to break a database with that kind of massive editing because is too intensive so the thing must work in small batches.
For v3.10.X I will work on a bulk image importer so everybody wanting to get rid of Photobucket please prepare to feed me with insights to make that possible. My base idea is to build an FTP based importer (local) + remote importer (prepared list of image URIs). This, of course, not only aims for Photobucket but Flickr, 500px, etc. My idea is to help Chevereto users to get rid of any external image hosting service dependency.
Step one of this process is the upload plugin, which brings Chevereto-powered image upload directly to forums. The plugin is in the final test stage, next release should be out within two days or so. I will start to work on v3.10.3 some weeks after that so this importer should be released sometime in November.