You could easily find the answer to your first question by using your favorite search engine. I did it for you this time: see Rename product dimensions.
I found that most of the companies are fine with this naming, remember that when you change the name of one dimension, it will be used for all the items, so have in mind that the change needs to be very “generic” so it fits for all kind of items that are using them.
One example that comes to my mind would be a weapons factory, where Configuration can still be used, but Color could be changed to Type, and Size to Caliber: