No problems. Do exactly as you have described and it will grow back, though you probably won't get flowers this year, and some types may sulk a bit. Next year it will look great again.

Have similar question about my Josephine ~ she loved her site until Carefree rose got carried away growing beautifully despite good pruning & a Mini rose grown tall. She also survived 2 yrs of chlorosis problem w/ treatments. 'thought I've lost her after our drought of Aug/2012-Mar/2013 ~ she returned as a babe w/ so far, no signs of chlorosis & proceeded to put on blooms! Yay!

I need to move her to a sunnier site but fear how much around to dig & how deep ~ please share your experiences! She is 12 yrs old.

TIA