pretty much yes to all your questions,
make a bootable evox (change staticIP = yes)
then select backup, to create a directory on your xbox hard drive with a dump of the eprom, hdd password (used for locking / unlocking, etc)
now backup the C and E drives via FTP to your PC, (then burn the backup to a CD and keep it safe)
after that I'm a little unsure, I've never done this yet
swap your drives over
I've never used the new HDD function of Evox, but people say it works!
evox will partition and format your new drive (will give you C, E, F, X, Y, Z)
then simply use your boot CD to boot evox
FTP the xbox original contents back
re-use your Xbox
I've renamed the Evox dash to evoXdash.xbe and kept the msdashboard as the standard name, my mod boots evoxdash first if thats not there then it boots the MS one
Dean