Not quite, Install BackupEdge, use it to do a full system backup, use it to create an emergency boot cd and boot from it to the new hardare.
BUT you have to create a target kernel for the new hardware on the old system.
There is instructions on how to do this in the BackupEdge documentation, and also in the SCO documentation.
I need to restore my data from a Compaq server running with the Smart Array 3200 (ida) to another Compaq server running with the Smart Array 431 (clad) using BackupEdge.
Otherwise you will not be able to boot from the new disk. The disk controller model is part of the kernel, and is not discovered at boot time.
When you boot using the BackupEdge CD, you can run fdisk and divvy to partition the new hardware appropriately. You can then mount the partitions and do the restore, effectively re-sizing the partitions.