Short answer: no.

You can use the `:global` command to pick some lines to operate
on, and then give a sequence of commands to operate on those
selected lines:

    :3,4 g/^/ > | m1

We're only interested in the range, but `:g` also wants a pattern.
So in this case we'll just use `/^/` which will always match in a
line.

This however moves each line in sequence which reverses the order
of the moved lines. A simple way to rectify this is to mark the
last inserted line (line 2 at this point) before you start the
`:global` and move the indented lines *before* it:

    :k x | 3,4 g/^/ > | m 'x-

Or you could shift each line up by 2, provided you know you've
inserted exactly 2 new lines:

    :3,4 g/^/ > | m-2

That's hardly a condensing of the original command but shows the
general principle.

Another option is to indent your lines, and then use the `'[` and `']`
marks, which delimit previously changed text:

    :3,4> | '[,']m1

This still isn't a condensing, but for more complicated ranges it may be worth
the effort, and might be your best bet. But maybe for simple edits do the simple thing.

Finally: I guess we're talking about general principles here. But in this
particular case, after your step #2, the Normal mode commands `dd>jjp` would
also achieve the same result.