When updating a catalog item's ItemClass, that data is not updated in the Inventory of players. So the ItemClass of instances in a players inventory remains what it was when the player gained the instance of that item.
I know that CustomData from catalog items doesn't transfer and are unconnected, but I don't understand the value in not connecting the ItemClass. Shouldn't updating the catalog items ItemClass also update all instances of that item in a player's inventory?
Also, when browsing an item in a player's inventory there is no way to view the ItemClass of that instance or change it, could be handy to have that functionality.