The first thing that does is drop the existing index. It also uses "delexp" which is important.
Yes, you have to rebuild the index to change index expressions.
And you'll want "\." instead of ":" in the second expression you mention.
If you're truly re-creating the indexes -- dropping them first and then re-making -- yes. If you're just updating -- re-issuing the create statement without dropping -- then no, the delexp/addexp expressions from the original Metamorph index create are remembered and do not need to be re-issued.