From a technical point of view, your plan sounds good to me.
I've done many similar "upgrades" in the past, and what I also did was to rename the VM's files so that all of them match the VM's name in the inventory to prevent future confusion. The easiest way to rename the files is to e.g. storage vMotion the VM after setting the desired name in the inventory.
Please remember that changing file names from the command line will also require manual metadata changes!
André