When I have to do this I normally sit with the project lead or someone that knows the most about the workflows new and old and have them assist or pre-map the statuses between the two workflows.
When you publish the new workflows the program will ask you to map the old statuses to the new ones and then do a bulk update.
I also try to schedule this change with the impacted people to minimize the impact to users.
I would recommend creating a new workflow. You could create a new schema but I would do that if you couldn't add just the new workflow to the issue type in your project.
Basically, the steps I would take is:
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