Azure Upgrade SKU from Basic to Standard - Inventory and risk analysis

Microsoft issues a bulletin that basic SKU's should be upgraded to standard SKU's for better security. Our CSO is all for better security, so would like us to see what we can do here.

Overview of my post:

1. What are the public IPs associated with, and how can I tell?
   1. Two Public IP entries are showing only an 'Associate' button.
   2. Would this include the Loadbalancer / Traffic Manager we use in Azure?
   3. Would this impact M365 services such as Exchange, OneDrive or SharePoint/Teams?
2. What could potentially break if we switch assignment from dynamic to static for the basic SKU?

I'm doing an inventory for that change. I know we do have some resources in Azure, tho those are limited to services. No servers are active in Azure. I'm not even sure we actually need public IPs in Azure. Sure, our Exchange and Traffic Manager services are using IPs there, but those are apparently not associated with the Public IP addresses in our Azure tenant.

When I verify the Public IP addresses in our Azure tenant I see two entries, both of which have an SKU of Basic and no IP address associated in their overview pane. So that checks out. If I try the update as a dry run to see if it's willing to do something and what it may trip over, the following notice is given:

Your public IP is currently associated or has dynamic allocation method. Please make sure that public IP is disassociated and has static allocation method before trying again.

The button to 'Associate' is available for both, while the 'Disassociate' button is grayed out. As such I'm assuming both entries are not associated with anything.

Both do however have a dynamic allocation method. So I'm assuming it's tripping over that.

Now I want to first check: What are my public addresses (seeing they're set to dynamic allocation I'm assuming random at present), and what are they associated with (nothing from what I can see).

That will help me determine that if I change anything (dynamic to static in this case as that would allow me to proceed with the SKU change from Basic to Standard) what the impact on our environment would be.

From what I assume at this point there won't be any impact (no associations, and switching to static doesn't seem to require anything else to be filled in), but I want to make sure before I instigate something that may well break connectivity to for instance Exchange and the Traffic Manager. (please note, we only use the Traffic Manager in Azure, but NOT the load balancer bit). Basically I'm unsure what the change from dynamic to static will do here.

I did gather that for a standard SKU the IP address can ONLY be static, so it's not like I can switch to static for the upgrade, and then switch it back to dynamic.

Any input is appreciated. Thanks in advance :)