When I rename a profile, it just changes the Name property in Profiles.ini. So I wanted to rename the profile folder to match. If I rename profile directory, and update the path in Profiles.ini file will it be ok? O
Your question is a bit vague/incomprehensible...
But yes, IIRC renaming the folder and updating Profiles.ini accordingly should be sufficient, at least as far as it concerns the mozilla-powered application in question.
However, you can never be sure about some third-party software, such as add-ons, having hardcoded the old path somewhere else. Because of that I wouldn't recommend renaming the profile folder unless absolutely necessary for some reason.
Renaming a profile while it is running is not possible because there will be some open and locked files. Also, Firefox might cache some absolute paths at runtime besides that.
To repeat...