I did this with my two tanks recently. Each tank took about an hour, after the prep work (washing sand mostly). I removed water into a couple 5 galln buckets, put my fish in one, my decorations in another and soaked my filter media as well. Once my fish were in their temp home I removed the rest of the water from the tank and then the old gravel. I took the opportunity to get all the "gunk" that sat under the gravel out as well. In all about a 50-60% water change was accoplished at the same time. I then put my washed sand in the tank and added about 1/4 of the water, the decorations and then more water. My sand settled pretty quickly, but was a little cloudy for about 5 hours (one tank has Tahitiian Moon black sand, the other Home Depot play sand). I refilled the tank, moved the fish back in and cleaned up. I had no problems with any mini-cycle and the fish prefer the sand. I don't personally like the idea of working with fish in my tank while doing this, especially as I have many bottom dwellers that I don't want to risk hurting. I personally feel two nettings is less stress than near constant movement of my arms, decorations and a cup going in and out of the tank for an hour or more.
Good luck with your switch!!
\Dan