There are many more things you will need to check before doing that. Because it may affect your application. Which laravel version you are currently working on? Some of the server information will be good as well like, Is there any other application is running on your server.
What's your environment right now? If you used homestead for dev this would be very simple to test, since it includes php 5.6, 7.0, 7.1 and 7.2 out of the box. You'd just tell that site to use 7.1 in the homestead config and test it. Create a new git branch and use/test that package.