How difficult is it to do a fresh install of 14.0 CE and copy data over from our 12.1.6 version?

We are hoping to do a fresh install of the latest version (14.0) and copy over data from our currently running 12.1.6. We are running a high availability setup on AWS. We are hoping to:

  1. Build up a fresh HA cluster on the latest versions of everything
  2. Ensure it is working
  3. Define a copy procedure that allows us to copy data over from our running version and migrate it to the new version
  4. Run the copy procedure
  5. Test to make sure all is functioning
  6. Schedule a switchover to the new stack
  7. Suspend old stack
  8. Run copy procedure again
  9. After some time of successful operation on new stack, retire old stack entirely

Is this feasible?