Be sure to backup anything on that drive that you need before you try it. Depending on what you are taking out and what you are putting in, it might try to load new drivers for mobo, CPU, etc. It might work and it might not.
If it fails part way through because something won't install, the drive will no longer work with the old mobo either.
It would be best to do a fresh install. Depending on the age of the HDD, it might be best to just get a new one for the fresh install.