No, this will not work. In step 2., when you truncate the table, it will preserve the storage parameters and there is no way you can change the initial extent. Basicaly you have two options:

a) If you are on 8i, you can simply reebuild the table with:

ALTER TABLE blahblah ..... MOVE ....;

With this clause you can specify new storage parameters (including INITIAL) and you can rebuild online. No need to export, truncate, import....

b) If you are on pre-8i, you would have to export, drop the table, create the same table table with new storage parameters and import the data. Howevere, you would also have to take care of all constraints, grants, indexes etc... as you will loose all this with DROP command.

HTH,