Exchange 2000 runs under the localsystem security context for this every reason. This supposedly means that admin account password changes don't affect the system - although there are more things than just exchange services that can use a stored password... see 5.5 procedure below for how to handle these in general.
For 5.5, simple process is as such:
1) determine the new password.
2) identify all services running under the admin account in question. Also ensure that no scheduled tasks, stored scripts, event sinks, or COM components are using it.
3) temporarily turn OFF account locking.
4) change all stored passwords on all services/tasks. I recommend cut-and-paste here ;-)
5) change the password, and WAIT FOR REPLICATION if there is any. This can get sticky - force it if you have to.
6) once the server has replicated changes, restart all affected servers/services/tasks.
7) turn acct locking back on after you're comfortable that everything's working, and keep an eye on the admin account. If the acct gets locked out immediately or periodically, you missed something.
Because of the inherent problems posed by replication, I strongly recommend that you plan to use not just a separate service account, but a separate service account PER SITE (and per app) for all services/tasks/COM components, etc. Just my 2 cents.