I just transferred into my third school, so the idea isn't completely unheard of.
Granted, I'm not sure about your plan. You want to get out of your current 4yr school with the goal of going to a better one, even though you've been on academic probation? IMO, even with great CC grades, an admissions officer might think that while you can ace CC courses, if you can't do well at this lower 4yr, how could you do well at the more rigorous one?
I understand though, if you feel that you really have to leave (environment, health issues, financial, etc) then by all means leave.
Learn from my mistake though, really think it through. I was so desperate to leave my first school that instead of taking a semester off, I rushed into a school I knew I'd never like. Hence, another transfer after 2 semesters.