Looking for advice on removing this Fiji Yellow Leather

[oblio]

I have had this coral for about 3 years, I got him it was smaller than a dime. about 1/3rd of a small frag plug. Well over time it has done well. Thing is, its doing a tad too well and its starting to take to much room. I am not sure how to approach this, I don't want to harm either the coral or any tank mates. What I would like to do is remove it, put it in another tank. The base is attached on Tonga rock, and I would say about 3"-4" inches across the circle is the attached part.
My plan was to get one of those utility knifes that has the real long blades, the ones where when it gets dull you snap off the top 1/2" or so and then it leaves you with a sharp blade again. This gives me a razor blade that is about 6" long. I was thinking I would basically just cut as close to the rocks as I can, then pull the coral as quickly as possible into a waiting 5 gallon bucket of tank water from a water change. Trying to avoid it spewing tons of crap in the tank and upsetting its tank mates. From there into a new tank.
Anyone have any suggestions for getting this work done, critique of my plan. I am just looking to avoid making a big mistake and hurting something.

Links to pictures:
https://www.dropbox.com/s/1szq3io6opjtmq2/2015-07-21%2018.16.11.jpg?dl=0
https://www.dropbox.com/s/fz6nh85wt52154h/2015-07-21%2018.17.02.jpg?dl=0

 

[IrishTang]

Not sure about this particular leather but I know Kenya and toadstool types can be cut into many pieces and will still do fine. Toadstool can be cut clear in half or a piece from top and it will regrow a stalk. Pretty hardy.

 

[IrishTang]

After looking at pictures it does indeed resemble a toadstool. I wouldn't have any worries about cutting it.

 

[rogergolf66]

I can't open the pictures. I would also have new activated Carbon in the tank and swap it out in a day or too after the cut.