Also consider if all these financial gymnastics are worth it. Need based financial aid is driven primarily by income. IF your child would not qualify for need based FA anyway, it might not make any sense to transfer $$, take tax hits for little or no difference.
You might want to run some Net Price Calculators (NPC) at some target schools both ways (UTMA as child’s asset and as 529 account (calculated at parent asset rate). For FAFSA only schools, you will need income and assets of custodial parent. For schools requiring FAFSA and CSS profile, typically income and assets of both custodial and non custodial parent (and any new spouses) are used to calculate the potential aid package your child may be offered.