Upgrading and Moving Servers

OK, here is the scenario. I plan to move and upgrade my board at the same time but I want minimal downtime for my members. My board is heavily hacked so here is what I am thinking of doing and I just wanted to see if anyone out there can verify this will work before I do all this work for nothing:

1. copy an instance of the current database to the new server.

2. copy necessary files to the new server along with 2.2.9 files.

3. "upgrade" the instance on the new server.

4. Install hacks on the new server.

5. When ready, close the board in the old server, once again copy the current instance of the databse to the new server and "upgrade" that.

Now, from past experience, this to me should work since the "upgrade" just updates the database and doesnt touch templates or the files except for that when you usually upgrade you overwrite the olds ones. So if I installed hacks on the new files and then "upgrade" the database, this should work, right?

Has anyone done it this way before? Did it cause problems? Any hints you can give me would be greatly appreciated it because I want the board to be up with all the hacks installed, no loss of posts and minimal downtime.

Thanks!