Assuming you know how to actually install a new HDD (HDD Upgrade "trick") then, yes. You could just copy everything over and it would work as usual.
Remember, this isn't a custom made exploit. This is a general purpose exploit, much like how I am able to add this exploit to my X-Box however many miles away from you, you should also be able to simply copy everything over and it would work as usual.
MY suggestion: Wait until there is an actual fix for the current exploit, seeing as how the F: drive apparently is still not accessible (perhaps I'm doing something wrong? any info would be appreciated).
Let me know either way. I'd like to hear how it turns out for you.
As for spending $40 today.... yeah I feel ya. I FIRST went to my friends house 20 minutes away (meh..) to get his modded X-Box. Then, stopped at Blockbuster to rent 007 ($6.00 right there). Then stopped at a new place around here called "Game Crazy" where I bought a MS brand Memory Unit for $26.00 all together.
Went home, did everything as I described above (though it took me damn long enough)... but I didn't realize that you could press RIGHT when highlighting a game save to choose to COPY it. I was only aware of DELETEING a file.. so I freaked and bought a Action Replay ($39.99)...so I spent about $80.00 today to get this working... but it was to my benefit.
I learned a lot and I got a memory card and action replay out of the deal... kind of like a travelling KEY to unlock all other X-Box's. Poppin' cherries