i would say yes change it, it only takes vosa police(yes unlikly) but if they check ya vin and engine number agaisnt current records they would fine you 1k for not notifiging dvla, i know this becasue a mate of mine done engine swap, not only did his insurance become null void he got done for it, as the engine wasnt what was on the log book and they even tried for stolen block!! but luckly he had brought it from ebay and could be linked back to a legal car that was broken,
and i dont see why it would matter to insurance so long as its not a rebuild to 200bhp etc
so is it worth it...no in my opinion