If you rewrite all the mta tags on all the pages it very well may have an effect on rankings. (Ignore Page Rank - it's not tied to meta tags in any direct way and is a long-term measure of things.)
If you do a good job on the meta tags and match them well to your content, and the content is unique, you could easily see your ranking improve.
If you rewrite the meta tags, stuff them full of keywords, try to atrget too many keywords for each page, give poor descriptions and mess up the titles, your rankings will likely fall lower.
if you're nervous about it all, simply take one page that already ranbks well, make the changes YOU want to see and watch the results for a few days. if it's positive you're on the right track.
If it drops out of site, change it all back to what you originally had and try again.
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