Just wanted to know whether it is correct because i will doing it on the production and have to be very sure before doing and don't have any test enviornment.
Production is not the best place to do stuff for the first time. Setting up a VM with SQL on your laptop then testing this out first will likely consume less time consuming than troubleshooting replication and log shopping issues in prod.
I have never done what you are doing (log shipping and transactional replication on the same 2008 db) but I HAVE paid the price for doing stuff in prod without testing it first.
-- Itzik Ben-Gan 2001