- - Yes. -- Your paraphrase is stylistically superior. -- Huh?
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Mister Micawberwould or later?-- Huh? You need 'would' at least; 'later' extends the time gap
Mister Micawberdifferent stylistic perspectives on the event
Mister Micawber'Would change' is the writer viewing from the past; 'later changed' is the speaker viewing from the present.
Mister Micawber'later changed' is the speaker viewing from the present