timestamp to date and time column migration

Hello all,

I created a table where I used a timestamp type column and after inserting
about 300 entries into this table I would now rather have two separate
columns for that data: one for just the date and the other for just the time.

I'm not sure what the best way would be to:
1) backup that information (from the current timestamp column),
2) drop the timestamp table,
3) add a date type table and a time type table,
4) and ultimately import the already-space-separated timestamp data into these
two columns.

Barring the above outline being erroneous, I suppose I just to know if there
are any 'gotchas' that I should beware/know about before proceeding with this
migration... as well as the syntax for piping data or running INSERT commands
from a file on the commandline.

Thank you very, very much for any and all help you might have.

Bill Totman