You can strip all or some metadata from from image files using Photoshop menu File>Save for Web. In the save for web dialog you have some metadata options as well as saving with or without a color profile.
In the Bridge you can edit some metadata fields manually or using templates even RAW file metadata. However I do not believe you can alter EXIF data. There are free EXIF tools that can be downloaded from the web the can alter EXIF data even update creation date and time in a relative way.
Photoshop Scripting can access EXIF metadata I do that often. However I never tried altering EXIF data using a script. It may be possible.