I compose songs almost exclusively from my brother's lyrics, and will sometimes explore three or four different musical approaches. This is not a technical term, but I use the term "reimagine" to describe taking a new musical approach to lyrics. Google came up with this definition:

re·im·ag·ine
verb
reinterpret (an event, work of art, etc.) imaginatively; rethink.

That works for me. smile

DC Ron
BiaB Audiophile
Presonus Studio One
StudioCat DAW dual screen
Presonus Faderport 16
Too many guitars (is that a thing?)