I assume you have two RTUs on the Network and would like to switch from the "primary" to the "secondary" one.
In this case, yes, you will have two Objects with identical settings except for the Names and the IP addresses.
In Lookout, I assume your processes should not be affected (much) by this switchover of the RTUs. So, you will pass everything through a Symbolic Link and change the definition of this Symbolic Link based on the RTU you are currently communicating with.
Hope this helps,
Khalid 🙂