The most difficult part would be getting the bearing out, since there's probably very little access to the back of the bearing. I would use a blind bearing extractor.
https://wheelsmfg.com/30mm-bearing-extractor-set.html details one set of tooling for the job. I use an Enduro slide hammer blind bearing puller at work mostly for this kind of thing:
https://cycling.endurobearings.com/p...et-black-oxide .
https://wheelsmfg.com/6806-30mm-seal...extractor.html would work as well. Installation is easy--just need the right sized drift and some threaded rod.
Your plan makes sense to me. Though depending on exactly what bearings are originally used it's not an incredible savings. Basic angular contact 6806 Enduro bearings are $20 a pop, though you could find decent bearings for less.