You will have to get to 4.05 then you can make the leap to 7.x. Most definitely use the utility that backs up your 4.05 data and lets your restore it to a 7.x system. It worked wonderfully.
I had issues with licensing. I could not use an upgrade license from the software I ordered. I had to use a net new license.
I then had to call tac licensing dept and have them give me another license file that upgraded all my ports and HA license.
