@oristarA,
One can use "if" in this way to introduce a note of caution or restraint or to qualify the previous adjective.
"Initial" is a synonym for "first" or "early". This is an important step, the writer is saying, but we should be cautious because it is only a first step.
Fire-eating is an exciting, if dangerous, hobby.
My brother has erected a handsome, if shaky, wooden shack.