Question : Migrate property values from one property to another?

[sprider]

We have a PropertyPaneTextField which is holding the link titles and urls in the below format:
(Test<http://test.com>),(Xyz<http://xyz.com>),(Abc<http://abc.com>)

We are planning to use PropertyFieldCustomList for better manageability of links. Is it possible to do the following one time when the app is upgraded and app instance is edited for the first time

1. Read old PropertyPaneTextField value
2. Parse PropertyPaneTextField link title & url pair and set the array object in PropertyFieldCustomList with two columns(title,url)
3. Set PropertyPaneTextField as empty so that step 2 will not be executed when the user edits the app pane next time

Thoughts?