Take your time and make sure everything works out as you want. You don't have to reinstall all your apps on the new profile, just check them on the "install available apps" list in the profile settings. Your app data will obviously be pushed over to the other profile, so you need to set them up and maybe do some exports and imports.
I have seen some people using the the owner profile exclusively for installing and updating all the apps and then pushing them to the respective user profiles for usage. Maybe this is exactly what you want.