Mysql newbie here, looking for some help configuring 5.0.45 master-slave
replication. Here's my scenario...

We have a heavily loaded 30gb 5.0.45 DB we need to replicate via
master-slave configuration to a new, beefier server running same mysql
5.0.45, and then cutover to the new server. Due to extreme SAN
congestion and a grossly overloaded master server, our DB dumps take 5.5
hours. But we cannot afford that much downtime or locking during the
replication transition; we can manage 10-15 minutes, but more is very
problematic.

I understand that "FLUSH TABLES WITH READ LOCK" will lock the tables for
the duration of the 5.5 hour dump. Is this true?

If so, we'd like to dump/initialize/sync slave WITHOUT any locking
anything the master for more than a few seconds if at all possible.
Will this give us the dump we need?

mysqldump --single-transaction --master-data --all-databases

Thank you in advance for any help.

Ed