I want to confirm something here...

I am looking to replace my existing ceiling fan/light combo with just a ceiling fan and add recessed lighting. I would like to use the same wire running from the wall switches to the ceiling fan junction box as this is a remodel job and it would be a ***** to run new wire. If there is a way to do this that is safe/"correct", that would be my ideal option.

Can someone please confirm if this is correct?

I have a black/red/white/bare (ground) coming from the two switches to the fan electrical box.

Run a black/white/bare cable from fan electrical box to location of first light. At the fan electrical box, connect the black wire of the new cable to the blue wire from where the fan is currently connected. Connect white wire of new cable to white wire that fan is currently connect to. Ground to ground.

Thanks for the help!

That's exactly right. As long as you keep the connection in the fan jbox, then your good!

Great - thank you sir!

That's not necessarily correct.

You need to make sure the load you are about to create is not too large. A fan and one light is different than a fan and 8 recessed cans.

Very True! And I should have clarified that in my original post.

Putting in four (4) LED lights and total wattage is less than what was currently installed (and rated for).

I'm sorry - something just occurred to me.

If I wire it as described above, are my lights able to be dimmed (using a dimmable switch)?

8 recessed cans on one switch is unrealistic for most normal residential home. As long as the wiring is 12 gauge you won't have any problems. 8 cans at 90 watts is only six amps plus ~1.5 amps for the fan. As long as you don't have large appliances a 20amp breaker will be fine. LED bulbs would be much less. You have to get a special dimmer rated to dim LED bulbs.