To avoid potential issues, just test a single license swap and see how it behaves. Also, there are some Shared Computer Licensing limitations when going to some versions of "Business" office, but those are not a concern with Business Premium so you should be OK there: for more info. If the Office app installed is a specific "Apps for Enterprise" install, be prepared to do an uninstall/reinstall of the suite on each Office endpoint manually or via your MDM/MAM. If the Office app installed is a "generic" 365 version named something like "Microsoft 365", you should be OK with the change. Business Standard/Premium contains Microsoft 365 Apps for Business, formerly known as O365 Business: for more info. Microsoft 365 Business Premium is an integrated solution bringing together the best-in-class productivity of Office 365 with advanced security and device. E3 contains Microsoft 365 Apps for Enterprise, formerly known as O365 ProPlus: for more info. The versions of Office with those SKUs are similar but different.
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