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This seems pretty interesting - is there any risk involved in this kind of migration? I haven't done any optimization or changes to our storage - if I can just run this, save money and toss a little to the app maker.. I don't see why I wouldn't run it
There's no risk, Amazon recommends this to customers, see https://aws.amazon.com/blogs/storage/migrate-your-amazon-ebs...

My tool mainly automates the process described in this blog and does it continuously in case you run instances that start with suboptimal configuration. It also detects premium IO1 and IO2 volumes that could be converted to GP3 and changes them for up to 85% in savings, which often amount to hundreds of dollars.

In the future I'll also implement additional functionality such as informing you that there was a suboptimal volume so perhaps you can update your IaC to avoid it going forward, or switching detached volumes to much cheaper magnetic and back to the initial settings when re-attached to instances.

Let me know what you think about this and if you have any further questions I'd love to help you out.