I would like to upgrade our GW7 to GW8 and also migrate GW to a new server... Should I first upgrade to GW8 or should I migrate first?

This is what I was thinking of doing:

Upgrade first:
Upgrade all GW components on "old" SLES10SP1 server to GW8
Wait a couple of weeks to ensure everything is working

Migration process:
I'll set up an new server SLES10SP2
Shutdown GW7 on the "old" server SLES10SP1
Copy over GW data (/media/gw) to new server to the same directory path on new server as the old had.
Take down old SLES10SP1 GW7 server
Change IP and hostname on new SLES10SP2 server to the same as the "old" server.
Install all GW8 components on new server
Bring up GW on the new SLES10SP2 server.

Will this process work :) ?