Thats probably one of the very best questions that can be asked about the finer points of water quality.
Waterchanges have many other reasons for being an institution in aquatics. Of course, nitrAtes are the first thing that comes to mind. below are a couple more that are the main reasons:
Next in line is pH of the water. If the KH (carbonate hardess) of the water source is low and no buffers are ever added, waterchanges are the only way to ensure that the KH remains high enough to hold the pH steady. This isn't a problem when the water source has a good KH level unless crustaceans are kept in the tank. Crustaceans can suck up quite a bit of the KH on the water assimilating their shell structure.
Another good reason is the hypothesis of a growth inhibiting hormone that is expelled by fish. When the population of a fishpond is high, growth rates seem to be reduced, regardless of nitrAte levels. When the water is changed more frequently, regardless of nitrate levels, the growth rates explode and sizes are increased. There have been a lot of experiments about this but I don't know if they have isolated any hormones in question yet. But, it IS proven that waterchanges are the best way to provide excellent water quality so I don't really think you can do too many.
All in all, regardless of how low the nitrAtes are, I think its probably a good idea to change out 50% of the water once a week. I mean, that is, if the tank in question isn't so big that this becomes an all day affair........