Byrd or any of that type are a totally different thing. Nick a knife leaving a raised stripe? Replace or rotate just that knife.
Sounds good in theory, however unless the existing set of knives in the cutter head is all near-new when the nick happens, then rotating a single insert knife into position to provide a fresh cutting edge, when the rest are all dulled to some extent, will make for a situation where the new edge is cutting deeper than the rest and will leave a scallop in the surface, for some period of time. In that situation, the insert will also be taking a heavier cut than the rest and will dull more quickly than normal. And, then one also has the issue of keeping track of which insert was rotated, and which inserts have not been rotated, a problem the next time you go to rotate inserts.
Changing insert knives on a cutter wider than 6~8" is not a task to be done quickly given the quantity involved, and if you are not fastidious about keeping the insert seats clean, and seating the inserts properly, then one can end up with problems. I would put it roughly on a par, time-wise, with replacing conventional knives.
I am a fan of Tersa, but for anything other than softwoods the carbide knives are the only ones worth having, IMO. The carbide knives do have a steep up-front cost (which I feel more than reasonable considering how incredibly long the carbide knives last, even in wood known to decimate knives, like teak. Tersa offers quite good performance on figured woods due to the minimal knife projection from the cutter head. Would never opt for anything else, and I do have a Byrd shelix cutter for use on my shaper, so it is familiar to me. Byrd is not inexpensive and I gather the wait times for production have become quite long for certain cutter heads.