I've read that it's not advised to rename OOTB site columns.
I'm interested to hear thoughts on the LOCATION column. It's a single line of text and gives maximum flexibility for the user to type in anything.
We're planning our deployment and Location to us means Region>Country>Office and we're thinking like that for our term set and terms. We really want to use LOCATION as it's the most obvious name for where something is located. We're now looking at clunky workarounds such as a site column called PLACE.
How are you doing it?