Not exactly. The whole 'game' will be taken to a fictional world for a period of time - say, a month - and they will be in the world for this duration. Monthly transformations will still happen for characters - for example, if we went to Dracula, Luther would still become Javert on the Full Moon. Any of the Dracula cast though, for the duration of the time would have been their fictional character. Vlad would remain as Dracula until they left the fictional world. He wouldn't have any change during the event. xD
In terms of tweaking applications, we were talking more about updating personalities due to character developments and history due to their time here (and covering where they were before Vectura starts). Changing abilities and transformations would have to be brought up on a case-by-case situation and would be more about changing the premise of your character, versus a character update. Having Shere Khan talk could be a possible update to his transformation as he grows stronger/appears more during the moons.