No you don’t, but do bear in mind that if you change the LPI setting from, say 6 lpi to 8 lpi, then an 11″ page can now hold an extra 22 lines of text. However, unless the page length is defined within the program these bottom 22 lines won’t be printed on.
For a general ‘rule of thumb’, simply look at the print attributes that may be changed with OVRPRTF. If you can can change it with OVRPRTF, then it should be obvious that a recompile isn’t necessary. These are ‘external’ attributes of the printer file object.
Although there are other things that can be changed without recompiling, your question seemed focused on external attributes.