Domain Controller with new hardware with same Host Name

Hi,

I need to change my Domain Controller into New Hardware. what are step should i follow ???

1. Why i need same host name ?

Ans: Some application is configured with that Host Name

What i planned is 

1. Demote the Present Domain Controller

2. Changing the IP and Hostname

3. make a new Server with Same IP and Hostname

4. Run the dcpromo command

Questions

1. My procedure is right or anything else i need to follow ?

2. What will be the Impact ? 

3. I asked 3hrs Down Time for that Server is that fine ?

4. Any other Way is there to proceed the same activity ?

5. How long i need to wait after decommission the server ?

No Virtual Environment all are Physical

Many thanks in advance.

Regards, Hari Prasad.D