ASCII to Latin1

my current win dev box pgsql is encoded with ASCII.
based on what i've learned here, i want to migrate to
Latin1.

it sounds like i have to initdb all over again and
lose all my table structures and data.

is there any way to do a dump to retain the deata and
table structures, do an initdb to set up Latin1
encoding and then restore the data and table
structures w/o the encoding?  is this a lost cause?

tia...

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