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Can I just buy Lion and load it up if I did this? Would it work?


Agreed. However I ran into a problem and ended up having to download Lion a second time. I somehow got a corrupted InstallESD.dmg and nothing I could do would make it work properly. I wound up downloading Lion a second time and this time I stopped and used disk utility to CHECK InstallESD.dmg before I copied it or burned elsewhere.

A good thing to do is boot from the Lion Install usb or drive you make and make sure it's bootable before you consider wiping your HDD.
 
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