If I was to do this, I would:
1. Change password of each account
2. Enter credentials into tool
3. Wait for process to complete
4. Check process completed successfully
5. Change passwords of each account back to what they were (or new passwords)
This at least minimises the window of malfeasance. There's no guarantee, however, that said untrusted tool doesn't also syphon all mail off into its own data-mining database.