Hi there!
It's exactly one of the reasons why this plugin was made. Take a look at the help file on the main itch io page of the plugin to understand how it works. You also need Eli Class Curves to use it.
Does it force you to begin at level one after the change?
Yes
Is it possible to make an option that doesn't reduce the level at all? In my case it's just a class name change with stat boosts.