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If the project successfully migrates from FCP-7, then in Premiere, go to File > Project Manager and use the Project Manager to collect all your assets and copy them to another disc.
You should verify the archived elements and project work correctly, before deleting anything.
Might want to have a look at the Project Manager (under File).
Hey Meg the Dog and Ann Bens!
That did work but I have 2 follow up questions on this type of workflow.
1. I had several sequences in this XML project which all did transfer over... So as a test I used project manager to copy all the files from one of the sequences into one folder (it is no surprise that all files no matter what they are were dumped into this folder) but now that I know it work I would like to do the same to the other sequences WITHOUT making duplicate files (these other sequences share many if not most of the same clips) so is there a way to do that Before I clean up that folder and sort out assets into their correct folder structure.
2. I had assumed that once the files were copied to the other drive that Premiere would also include that folder in the project window. It did not... So how do I link those files to the project and how do I properly re-organize the files into the aforementioned clean folder structure.