Dual-booting - partitioning, backup and restore.

On my unibody mbp I have a dual boot with Ubuntu installed. My drive looks like this:

181.88GB - OS X with my user folder
48.70GB - Ubuntu
2.00GB - Swap

I think I want to end up with this scheme:

??GB - OS X
??GB - My OS X user folder and media shared between OS X and Ubuntu.
10.00GB - Ubuntu
2.00GB - Swap

Does this sound like a sensible layout? If so, do you see any pitfalls in the following plan to create the partition layout:

1. Backup (Time machine, plus a manual one to be sure)
2. Delete pictures/music/documents/movies from my User folder, and shrink the OS X partition using Disk Utility.
3. Use gparted live-cd to shrink the Ubuntu partition "to the right".
4. Use Disk Utility to format the unused space between the OS X and Ubuntu partitions to HFS+.

So far, so good? If that's the case, now I need some help. I know I can use advanced settings to specify that my user folder should be on the new partition, but can I use Time Machine to restore the user folder I backed up in step 1 to that location?

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Or.. Is it easier to backup all my data, repartition with gparted, reinstall leopard and restore my user folder? Is this something that I can do during Leopard install, or later with Time Machine? Restore an old users data instead of creating a new one?