New Install for Domain with WP

I have a domain with WP on it. I want to start over and move my domain to a new host. It will take a few weeks to set up so i don’t want to turn off my old host (with the domian). My new host has a dedicated IP. Can I set up WP on my new host, enter the path with my IP address, set up the site, change my DNS and point them at the new site, change the IP inside WP to my domain and be done?