Yes, that is workable -- I've done that in the past. Of course, it all depends on if you are using traditional partitions or LVM. If traditional partitions, you have to recreate the partition with fdisk, then grow the filesystem. With LVM, you have to use appropriate LVM tools. And I am more used to XFS than EXT4, but either one is doable. First step is to do a FULL image backup before proceeding, in case something goes awry.