Dataset with some mislabeled data (around 1%)
It think it's a reasonable approach, but currently it seems that you have no way to check whether the new labels are correct or not. I think you should at least check that the new labels don't introduce more errors than they solve.
Ideally you would re-annotate a random sample of instances, keeping both the old (possibly erroneous) labels and the new ones. Then you can use this sample as a test set and evaluate the two following points:

most/all instances for which the new label is the same as the old label should be predicted with this label (otherwise it means your method changes correct labels)
most instances for which the new label is different from the old label should be predicted with the new label (otherwise it means your method doesn't fix the wrong labels)

The problem with this approach is that you need to annotate a large sample, since you need a reasonable number of wrong labels which are only present in 1% of the data.
If re-annotating a large sample is not possible, you could try a kind of boostrapping approach: run your method, then take a sample of instances which are predicted as different from the old label. Among these labels changes, count how many are correct. This approach requires less manual annotation effort since you don't need a large random sample, however it would miss the cases of wrong label which is not changed by the classifier.