Yes!!!

("do I take the two drives over to a friends house, see if he can temporarily move the data onto his computer (assuming he has an IDE drive), then take the new drive, run the Quick Restore on that to make it a master, then REINSTALL the data (I hope) to the new drive, and then after that's settled, go back and wipe the old drive and use that as the slave")

That's exactly what you do. That is exactly what I have done countless times for my friends and family over the past 10+ years.

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