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We're wondering whether there is a convention for updating the metadata related to an nft in the case where a policy has not yet expired. For example, an nft is originally created with 721 metadata showing the twitter url twitter.com/foo. If we 'mint' a new nft with 721 metadata which changes the url to twitter.com/bar, will this be correctly interpreted by clients? If not, is there some other way to accomplish this?

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Yes, the process you've outlined is correct. You can simply mint a second NFT with updated metadata into your own wallet (no need to retrieve the original from someone elses) and then burn it immediately. All NFTs that share that token name will be updated regardless of what wallet they are in.

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