yes, this will only set a password for your WPA/PSK wlan.
Since this will disable your WLAN while doing this all existing sessions will disconnect. Also once you change the password all current users will be impacted untill they change their password. So be aware of this while doing this change.
Yea there's no workaround. However I don't understand how someone prior to me was able to create and deploy a wlan template without having the WLAN ID checked. Well I understand that but I don't know how they were able to routinely change the PSK. Oh well. Thanks for the response.