Thanks so much for your reply!
Apologies for the delay on my end, I don't login here very often.
As of now there is no 'rekeying' functionality i.e. if you enter a different set of passwords, a different private key will be genenerated.
Would really want to take this forward. I'm new here, don't have too much experience with the community. Would be really appreciative if you could help me engage the community and take this forward.
Look forward to your reply.