Can I move the undo log outside of ibdata1 in MySQL 5.6 on an existing server?

Question

I've been growing concerned about the large size of ibdata1 that can never shrink even when using file-per-table on innodb

Moving the undo log files outside seemed logical but this procedure seems rather complicated:

http://dev.mysql.com/doc/refman/5.6/en/tablespace-splitting-undo.html

Does anyone have hands-on experience accomplishing this on a live server?

This line makes it sound like it is impossible once mysql is already installed and running:

this feature can only be enabled when initializing a MySQL instance

So too late now?