Use existing custom theme under different domain

Hi Everyone,

Please bear with me if what I am asking is pretty lame, I am primarily a graphic designer…

I am going to have to soon launch my website translated into German and under a .at domain. I thought of the following scenario:

1. I buy the .at domain and install wordpress on it
2. I export my existing theme and then import in under my new .at domain
3. I manually go through and replace the ENglish text by the German one

This way I would have 2 logons, any change I make to the UK site would have to be manually duplicated under the .at site (I assume?), but that would be fine for now.

Do any of you more tech savvy people see any issues with doing the above?

I realize there are more sophisticated multi-lingual solutions but we would like to avoid having to hire someone to do this for us.

Any input would be appeciated!

Cheers

Gabi