Hi Aaron,
I tend to be overall cautious with stuff like this so my preference would be to open a support incident if I had some available. If you don't have any support incidents left the steps you outlined look correct however I recommend you backup the Dynamics and Company Database before starting on step one. I would also probably do this after hours so I had time to restore from backup without affecting users if something did go wrong.
When you say it works in the dev enviorment is this a test company setup in GP or an isolated environment with its own dynamics and company databases?
Regards,
Kirk