When you do the DROP, you will need to end the jouirnalling since there will no longer be an object to journal.
When you do the CREATE, you will need to start the journalling again..
The old journal receivers can stay on the system if you need them.
You will be starting a new receiver when to do the STRJRN.
I am not sure what journal extract procedures you are asking about.
It this answer did not give you what you need, please give us more information on the extract.