moving data from home directory to home partition

[Default User]

Hi!

I run Ubuntu 11.10, home user, single user setup, no lvm, nothing exotic.
For simplicity I have just 2 partitions:

/  (bootable, ext4)
linux-swap

So all of my data (except system and application-generated configuration
files, etc.) is in the /home directory of /.  I have heard a number of
users recommend a separate home partition, that it makes things easier when
updating or upgrading.

So could I just:
1) use the Ubuntu install routine from a "live" media to create a new,
separate home partition
2) use the Ubuntu install routine from a "live" media to mark the new
partition as "home"
3) reboot
4) move the data from /home to the new home partition
5) reboot again

Would that work?  Or should I just wait until 12.04 and do a fresh install
with a separate home partition then?
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