How do I move OS X server to a new Mac

Our fully operational Internet-facing OS X Server with its own OD Master needs to be moved to a new Mac with newer, larger disks. How do we achieve this with the minimum disruption to our users?

Would this strategy work?

1. Temporarily take the old machine offline whilst we 'recover' the old OS X Server to the new Mac either from Time Machine or directly from the old machine.


2. Put the new machine online with the same network name and ip number as the old machine?