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There is no such thing as a master key. Some frontends use master password which is basically a seed phrase used to derive a set of keys for a specified account. It will always generate the same set of keys, so if you replace the owner key with this derived from your hardware wallet, you won't be able to use the one derived from your master password. Of course, you will be able to use other keys (active and posting) if you unselect them while onboarding your account into hiveledger.io as you mentioned before.

Thank you so much for clearing this - didn't know that!

PS: I can't find "Hive" App on Ledger Live somehow ..

Isn't it available yet there?

Any way to use it without good programming knowledge? 😀

Ah, I answered this to myself by reading your post

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Sorry for the stupid asking and thanks for your help so far!

No problem. I'm glad you're using it:) if you don't feel comfortable in changing your owner key, you can start with a testnet (where assets are useless and priceless): https://testnet.hiveledger.io

Thank you mate - glad that you've developed it :)

Sounds great! Can anything go wrong when changing the owner key?

No, everything will be fine. It's just matter of feeling comfortable with it and playing around to know how it's working and what can you do :)