Non-standard upgrade proposal -- will this work?

Because I'm probably going to have to do some global search and replace on our entire Omeka collection, I'm wondering if this (unconventional) process will work for upgrading an Omeka 2.3 system to 2.4:

1. Install Omeka 2.4 to a new folder
2. Copy the custom themes, plugins and db.ini file over to the new folder
3. mysqldump the entire Omeka database, edit the resulting file and then restore
4. .... Success?
or am I missing something?

Sounds workable, though the step of moving to a new folder seems unneeded. If you're going to do the mysql dump-edit-reload, it'd make just as much sense to do it on the same installation, after you do the upgrade (and with the folder name change you are looking for