I second this approach. I've utilized it successfully in an ongoing migration. I also second the need to have engineering knowledge from the previous system available. I was lead for 5 years on a previous system before being tasked as solution architect of new total rewrite to cloud native. The hardest part of such a migration is maintaining sponsor buy-in while you build the parallel run evaluation strangler fig integration with the old system and get some existing flow polished enough to take live. If you happen to have a rule or scripting system in place piggy pack off of it so you can do an incremental migration.