Yes this is definitely the most viable option. An open transfer from Elysium to Zethkur should happen long before a server merge. Allow the server with high population to flow into the low population so that you have 2 healthy medium population servers. I bet alot of people would happily transfer to zethkur to get away from the overpopulation on elysium.
Please CM's consider allowing character transfers to Zethkur. A great idea I have heard is allowing some of the fresh 60's to transfer, anybody who has been level 60 for like 2 weeks or less. Ask a poll to the zethkur community with the choices being open character transfers to zethkur or server merge and I believe the results will be very much one sided in favor of open transfers to zethkur.
Regards,
Frostwolff