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