Hi Nezih. Thanks. Yes, I did saw that method native to IBM i. 
However, when I found some more info (so thought of checking it here) - 

This Option C: is well documented in IBM docs. Although it just uses it for data copy, rest of steps are to be done native to IBM i only.
And finally I saw another doc by EMC, which uses their well-known NDM (Non-Disruptive Migration) Tool (SRDF Replication) to migrate IBM i lpar from one PowerMAX to another online. Of course, there also are some additional considerations which in turn use native IBM i commands. But for data copy both of these seems to use Storage Based Copy only.
Thats why want to know if same can be done with IBM's Spectrum Virtualize 'External' Storage Migration methodology and then finalizing it with IBM i native commands/tools.
Thanks.