This process is good enough if you just want to change the "wps" to something else for aesthetic purposes.
If you have a single set of HTTP servers in front of multiple portal clusters then this process is not good enough. You have to change every context root in the portal application so the HTTP servers can differentiate between the clusters in every case. There is a technote that can help with this process. See: " Changing the context root of WebSphere Portal" at http://www-01.ibm.com/support/docview.wss?uid=swg21507613
If you have a single set of HTTP servers in front of multiple portal clusters then this process is not good enough. You have to change every context root in the portal application so the HTTP servers can differentiate between the clusters in every case. There is a technote that can help with this process. See: " Changing the context root of WebSphere Portal" at http://www-01.ibm.com/support/docview.wss?uid=swg21507613