I am using the latest OS X for Mac. I accessed the hidden Library file in the old HD and copied the PM preferences folder into the new HD.
When I got the option of retaining the old or keeping the new cache file path, I kept old path (not deleted) but opted to use the new. Is that the correct way? All previous preferences and settings seem to be working as before.
I have updated the IPTC/XMP settings to be consistent with CNX - thanks for the heads up. I will monitor this.