Yes, and they do. In addition to new ordering policies, such as order limits (one knife per household every three months) and chargeable option limits (five per knife), the policies with regard to options can and do change.
The most recent RMK policy changes that affect options include the discontinuation of the AGM (Antique Gold Micarta) handle material, and offering the #4-6" with #6 Grind and stainless steel blade (prior to the policy change, the #4-6" with #6 Grind could be ordered only with a carbon steel blade). Click on the thumbnail below to see the blade of a #4-6" with #6 Grind and stainless steel blade:
Note that if you have a pending order for a Randall, and don't hear from RMK otherwise, you can assume that the options that you specified have been accepted, and that the order will be fulfilled. In other words, any new policy generally applies only to new orders, and does not affect pending ones. As an example, although the AGM handle material has been discontinued, all pending orders that specified it will be fulfilled. If you have any questions about this issue, it is prudent to contact RMK for clarification.