I haven't done this myself but there are multiple ways. As you mentioned the Inspector is one. If you are doing it that way and getting artifacts try the different render algorithms and bounce/rendering the tracks. Different algos work better for different types of tracks.
There is also the Process menu which I believe is supposed to have superior pitch shifting quality. In In the Advanced Workshop vids Craig uses it to pitch shift upwards to octaves and it's flawless. One tone shouldn't be a problem.
The biggest drawback compared to other DAWs I guess is that to get the higher quality renders you have to do them offline. You can also change the online render settings which might help as well but those are only really meant to audition changes before rendering from what I understand.
But... I'm no expert on this stuff. I've just read about it and watched lots of vids on the subject.