Tested using psi spell drive. When spell drive changes its name (due to me changing spell inside) the morph-o-toll still shows old name it had when it was fist bound into morp-o-tool instead of new one with new spell name in brackets.

EDIT: After unbinding the bound tool (drive) from the morph it still shows old name instead of new while keeping new spell inside.

It needs to keep some name in reference. Detecting name changes is possible but it's way too minor to worry about it.