What im saying is if i do this i can Re download DLC which i brought from my old account onto my new account ?
[/quote]It doesn't quite work like that. Let me explain.
Most DLC is licensed to two things. The account used to purchase it and the console it was bought on.
Now the account license lets you use that DLC on any console, though only for the purchasing account and only when connected to Live.
The console license lets any account on that original console use the DLC, online or offline.
What a license transfer does is switch the console license from one 360 to another. So what you need to do is recover your old account, preform the license transfer, then download the DLC again with that account. This will let you access the DLC bought with
your old account with your new one.