Yes, this is possible. And it makes some sense. Suppose you have been allocating telephone bills to Utilities. Your records from two years ago are audited by your tax authority, and they tell you telephone bills should have been allocated to Communications. The Find & Recode feature lets you search and repost those expenses without unlocking.
Or, in another example, you create a chart of accounts and use it for several years, thinking a particular account will be useful. Later, you discover you have only used that account twice in three years and wish you had consolidated it with another. Find & Recode helps you repost those transactions so the unwanted account can be deleted from your chart of accounts. And it guarantees you will find all transactions that have been posted to the account, no matter how long ago they were, even if prior to a lock date.
This is a powerful feature, and should rarely be used.