Let's say you've inherited a C# codebase that uses one class with 200 static methods to provide core functionality (such as database lookups). Of the many nightmares in that class, there's copious use of Hungarian notation (the bad kind).
Would you refactor the variable names to remove the Hungarian notation, or would you leave them alone?
If you chose to change all the variables to remove Hungarian notation, what would be your method?
The way I've been going about this problem is changing one variable at a time as I come across them, then perform more sweeping changes when you come back to do more in-depth changes. If you're anything like me, the different nomenclature of your variables will drive you bat-shiat crazy for a while, but you'll slowly become used to it. The key is to chip away at it a little bit at a time until you have everything to where it needs to be.
Alternatively, you could jettison your variables altogether and just have every function return 42.
I wouldn't make a project out of it. I'd use the refactoring tools in VS (actually, I'd use Resharper's, but VS's work just fine) and fix all the variables in any method I was called upon to modify. Or if I had to make larger-scale changes, I'd refactor the variable names in any method I was called upon to understand.
If you're gonna break code just for the sake of refactoring, I would seriously consider leaving i alone, specially, if you are going to affect other people in your team who may be depending on that code.
If your team is OK with this refactoring, and investing your time in doing this (which may be a time-saver in the future, if it means the code is more readable/maintainable), use Visual Studio (or whatever IDE you are using) to help you refactor the code.
However, if a big change like this is not a risk your team/boss is willing to take, I would suggest a somewhat unorthodox, half-way approach. Instead of doing all your refactoring in a single sweep, why not refactor sections of code (more specifically, functions) that need to be touched during normal maintenance? Over time, this slow refactoring will bring the code up to a cleaner state, at which point you can finish the refactoring process with a final sweep.
I love Hungarian notation. Don't understand why you would want to get rid of it.
I agree that the best way to phase out hungarian notation is to refactor code as you modify it. The greatest benefit of doing this kind of refactoring is that you should be writing unit tests around the code you're modifying so that you have a safety net instead of crossing your fingers and hoping that you don't break existing functionality. Once you have these unit tests in place, you are free to change the code to your heart's content.
What would I do? Assuming that I just have to maintain the code and not rewrite it any significant way? Leave it well alone. And When I do add code, go with the existing style, meaning, use that ugly Hungarian notation (as dirty as that makes me feel.)
But, hey, if you really have a hankerin' fer refactorin' then just do a little at a time. Every time you work on it spend ten minutes renaming variables. Tidying things up a little. After a few months you might find it's clean as a whistle....