Vista - easy transfer licensing and vista upgrade

I have a computer running 32 bit xp pro, and I want to "upgrade" to another computer running 64 bit vista ultimate. After I've moved everything to the new computer, I will format the drives on the old computer.

I'm confused about how to proceed, since I have 1 license for a windows OS, but moving to another computer means there will be a brief moment when I have 2 installed windows OSs with one license.

So far, I have used the clean install loophole to install the vista upgrade on my new computer.

DailyTech - Workaround Discovered For "Clean Install" With Vista Upgrade DVDs

I'd like to try to use easy transfer to move my applications from my old computer to the new computer. Then when I'm done I would run the install again to supply my key and commit to my vista machine being my 1 copy of a windows OS.

Question #1: When I run the vista install again to supply my key, is the install going to erase the contents of my hard drive on the vista machine? That would pretty leave me back at square 1.

Question #2: If I run easy transfer, is it going to complain about me having 2 windows OSs but only 1 license (even though my intention is to end up with only 1 copy of a windows OS, after everything is transfered).