Callistemon are really tough. If anything will survive this treatment it will be callistemon. Summer is actually a good time to do transplant with most Australian trees so that is also in its favor.
You have it in a very small pot for the size of the tree and terracotta on top of the small size. It will need a lot of water. You probably cannot over water a callistemon in summer. I often sit my pots in shallow water tray just to give enough water. It must not dry out while growing new shoots.
Many Callistemon species love to throw new shoots on very old wood so I would not be surprised to see some shoots way back on the trunk. If is gets going strong and you don't get the required buds it can be chopped to the required height (probably a lot lower than the red line) and will almost certainly shoot all over the stump.