update references of a loopup property when converting from VL to OT

Hi,

I have a loopup property of a value list. This property is references in many excel files.
Now I have to convert the value list to a object type.
So, there will be a new loopup property for the object type. Due to that I have to replaced the references in the excel files with the new property, so that I have still the values in the excel files.

Is there a common way to do that?

My thoughts are that I create the OT (and take over the data) and after that I delete the loopup property of the value list and use that UID to replace the UID in the new created loopup property of the object type. So, I don't need to replace the references in all excel files.
Is this technically a stable way, or are there unwanted side effects?