We have investigated the simple shear flow behavior of wormlike micelles using small-angle neutron scattering and mechanical measurements. Ternary surfactant solutions made of cetylpyridinium chloride, hexanol and brine (0.2 M NaCl) and hereafter abbreviated as CPCl-Hex were studied in the concentrated regime, phi similar to 30% In a preliminary report (Berret et al. [16]), the discontinuity of slope observed in the shear stress versus shear rate curve was interpreted in terms of first-order phase transition between an isotropic state and a shear-induced nematic state (I-N transition). At the transition rate: (gamma) over dot = (gamma) over dot(I-N), the solution exhibits a macroscopic phase separation into viscous and fluid layers (inhomogeneous shear flow). Above a second characteristic shear rate, the flow becomes homogeneous again, the sheared solution being nematic only. The neutron patterns obtained in the two-state inhomogeneous region have been re-examined. Based on a consistent analysis of both orientational and translational degrees of freedom related to the wormlike micelles, we emphasize new features for the I-N transition. In the present paper; the shear rate variations of the relative proportions of each phase in the two-state region, as well as the viscosity ratio between isotropic and nematic phases are derived. We demonstrate in addition that slightly above the transition rate; the shear induced nematic phase is already strongly oriented, with an order parameter P-2 = 0.65. The orientational state is that of a nematic flow-oriented monodomain. Finally, from the locations of the neutron scattering maxima for each isotropic and nematic contributions, we evaluate the concentrations for each phase phi(I) and phi N and derived a dynamical phase diagram of CPCl-Hex, in terms of the stress sigma versus phi(I) and phi(N). According to the classification by Schmitt et al. [22], the I-N transition observed in CPCl-Hex micellar solutions could result from a positive flow-concentration coupling, in agreement with the observed monotonically increasing shear stress in the two-phase region.