So this morning I was able to set up a test GPO and tried these settings out on a Small Group of users.
In Short it worked great.
we are going to begin a phased implementation so my help desk doesn't get overwhelmed with people complaining about losing their Bookmarks.
I also found that it is pretty easy to move the data. Its as simple as coping it to the new location you are moving the Chrome user Data to. The user will just need to close chrome while you are moving the data.