Migration - Drop FK and generate new column

Guys, I need to drop some references in 4 tables and create columns that contain the data from the tables that are going to be decommissioned. Was I clear? :s

I was thinking in some migrations to perform the following steps:

Migration X 1.- Create the now column 2.- Insert the new info in the new columns recently created example: update bookings a

set booking_status = (select status from booking_statuses b where b.id = a.booking_status_id) 3.- Drop FK

Rollback 1.- Generate FK 2.- Point each FK to the corresponding record of the parent table 3.- drop the column booking_status of the example.

Any suggestions?

Rodrigo