Change title to arXiv paper
Is it possible to also change the title?


Yes, you can change the title when submitting a revision.  You'll be presented with the same web page on which you originally entered the title, and you can edit it (or anything else) there.


  Another solution would be to start a new submission with the new title, but it would probably generate some arXiv overlap warnings, besides not looking too professional.


The arXiv would certainly not allow this if they noticed (when I think they would), and you are right that it would look unprofessional.