That sounds like a workable solution with the minimum of fuss, provided there aren't other channels on the account you want to keep to yourself. Alternatively, maybe Roku can move the entire old channel to a new dev account, not just the vanity code. That gets around the channel code issue, but I have no idea if there's other stuff linking the channel to the account that makes it painful to move for them.
-- GandK Labs
Check out Reversi! in the channel store!