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Yes, it's possible to swap the nozzle out for another size. I had mine changed to a .5 mm nozzle with great results.

The software does need to be changed to reflect the size of the nozzle, but if you are reducing the nozzle size i'd also recommend slowing down the print speed so as to not clog the extruder.

I'd also look into a cooling duct for the nozzle as well to help with the finer detailed prints.