Wow Amit! You started an interesting conversation. So if you permit me to throw in my two pennies worth...
As you haven't mentioned the data types used or indexes created for the said table, spend some time to get your NEXT SIZE as accurate as you possibly can. I say this because if you subsequently have to revise your NEXT SIZE by way of ALTER TABLE, the exercise may well prove to be time consuming depending on which algorithm the ALTER TABLE deems relevant to achieve the end goal.
I also suspect that your customer will want the work completed yesterday with zero downtime !
There have been various issues with in-place ALTERs over time, but I recently had the pleasure of being greeted by this one...
IT27997: BFCHECK BAD PAGE PG_FRPTR <SIZE> < SIZEOF(IFX_PAGE_T) 24 OR > SLOTBEG <SIZE> WHEN UPDATING PAGE WITH OUTSTANDING IN PLACE ALTERS
...data corruption is the last thing you need late on a Friday, right? Based on the number of rows you anticipate, you may well need to spend time closing down open in-place ALTERs by performing a dummy UPDATE against each row.
Have fun!
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Kirit Rana
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