Be careful changing a full Racor. Gunk from the removed filter can wind up on the wrong side of the new filter if it was quite dirty. If your secondary is in rough shape you could potentially run into problems. If you know the age of the filter & cleanliness of your fuel, like Todd, this method is fine..

On unknowns I will generally drain a Racor below the level of the filter element then carefully remove/replace it. I then pour fresh fuel in to fill the canister back up. No bleeding necessary but a tad more work than simply sliding the element out and a new one in. If the fuel is fresh & clean then the method Todd mentioned works. If it is unknown I much prefer to drain it off to below filter element level..