Do I really need a snapshot (to initialize transactional replication, in SQL2000)?

I have a pretty big (350 gb) OLTP database that I want to replicate in its entirety. I'm concerned about the impact of taking a snapshot of it (it is processing at some level pretty much 24x7). I know on SQL2005 there is the option to initialize from backup, but unfortunately we won't be on 2005 in time.

I'm thinking of doing something like this:

• Set up the distributor, publication, and subscription
• Turn off distribution agent
• Set the publisher to "sync with backup"
• Backup the publisher, full then log
• Truncate tables MSrepl_transactions and MSrepl_commands in the distribution db (I don't have any other replication going on)
• Turn off "sync with backup"
• Restore the full and tran log backups to new subscriber db
• Create subscriber stored procs in subscriber
• Start up distribution agent

I'm looking for opinions on whether it's worth going this route to avoid taking the snapshot. Data integrity is the number one priority -- if I have to do a snapshot to ensure that, I will do it.

Thanks in advance!

Mike