That is one method... since you are using WHM/cPanel... you still need to edit the IPs if you use justadollarhostin's suggestion in the new server. Why don't you move all of your accounts over using /scripts/pkgacct username and transfer the /home/cpmove-username.tar.gz over to the new server and do /scripts/restorepkg username instead? It is not that hard to write a script to create all cpanel users full backup then transfer in a go... ...
Giam Teck Choon
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I"m looking at a problem just about the same. I have a company to secure and install updates to my server but the installed a bad update and I lost ssh access. My datacenter then decided to reboot to fix the problem before I could make backups. Needless to say nothing would come back up after the reboot. I had the datacenter install a new hd with a new os and cpanel and still leaving the old hd in so I can get all the stuff moved over. I am having a very hard time getting the databases in mysql to work.