Microsoft Easy Transfer (from one hard drive to another)

I am looking to "upgrade" my Vista Beta to the full on Vista release. I
realize that I can't "upgrade" because the beta was Ultimate and I'm going
to run VistaBiz.

I thought maybe this plan would work:
1. Install VistaBiz on a new hard drive
2. Attach Vista Beta drive as secondary drive or in my external enclosure
3. Use Microsoft Easy Transfer to get the data and setting off of the drive
with beta onto my new installation of VistaBiz.

The instructions that I've found only really talk about moving from one
machine to another. Is there a way to get the utility to transfer from a
hard drive that is in the same machine???

Alternatively, I *could* get another hard drive and do the 2 step process of
transferring TO a portable hard drive and then FROM that same drive. Seems
like it might take a REALLY long time though.

Also, is the format that this utility uses readable and thus can be
considered a 'backup' of sorts or is it only useful in the transfer process?

Thanks,

Jeff