Is there anything I need to know? I know I have to add a line in /etc/fstab to point to it and let the system know to mount it. But are there any precautions I should take or any other config files I have to edit? Oh yeah, as for the line I need to add in /etc/fstab, would the current line I have that points to / be suficient, say if I just copied that.. edited it to point to the right partition and changed it to /home ???

yes, that should be ok as long as the filesystem and mount options are correct.

I guess the way you are doing it is format the partition..
mke2fs /dev/hd??
tune2fs -j /dev/hd??

then mount the partition somewhere..

mount /dev/hd?? /mnt/somewhere

then you are planning to copy all of /home to it..

cd /home
tar -cv . | (cd /mnt/somewhere; tar -x)

then I suppose you will check the new partition to see that all your files are ok, then unmount it..

umount /mnt/somewhere

and at some point delete everything in home...

rm -rf /home/*

then you would mount the device to /home..

mount /dev/hd?? /home



Sure that should be ok