Been lane splitting here in Oklahoma for years, didn't know it was legal out in CA. Way to go California. I have visited out there and can't image how you put up with that traffic. It would be nice to see it considered here. As long as they keep both wheels on the ground. Seems I see more and more bikes packs running down the highway with 1 or 2 of them running on 1 wheel. That's where I kinda' draw the line. From my experience, (40+ yrs of riding), for the most part there is actually quite a bit of room between cars.
Keep it safe and do it with the lower speeds sounds like a good idea to me.