It can be done with an SQL query, yes.
UPDATE users SET language='French'
I will write a plugin for this (and for changing styles), but I just haven't had any time.
I ran into a similar situation, putting most of my users into a new group after the upgrade to 1.2. It was only about 12 users ('tis a small board) but I imagine bulk changes of group membership may also be desirable alongside bulk changes to language/style if you ever do such a plugin.