This is a good link covering all aspects of such: http://www.michaelstevenstech.com/moving_xp.html
This is a link from Intel: http://www.intel.com/support/chipsets/iaa/sb/cs-009290.htm
Generally, advice consists of warnings and suggestions to do a clean install, after backing up various files. Programs would have to be reinstalled.
If it were me, I would do it the way I previously suggested, confident that I could eliminate the driver issues and confident that a repair install would take care of any possible registry problems. And I'm not afraid to do a clean install when I am wrong and have messed up my system.
But...you are not me and it's not my system, so I will provide you with guidance from those with more experience and knowledge.