Change the properties of a custom post type after it’s been registered?

While it’s possible to manipulate CPT data after registration it’s not very “clean” and harder for some things.

Specifically for hierarchical setting registration adds it to rewrite right away:

if ( $args->hierarchical )
    add_rewrite_tag( "%$post_type%", '(.+?)', $args->query_var ? "{$args->query_var}=" : "post_type=$post_type&pagename=" );
else
    add_rewrite_tag( "%$post_type%", '([^/]+)', $args->query_var ? "{$args->query_var}=" : "post_type=$post_type&name=" );

So you’ll have to redo this really carefully and make sure it survives flushing rewrite rules properly.

Altogether it would be more robust to look into forking or extending that part of plugin in question and just register CPT like you need it to.