New Hard Drive and Time Machine Backup of Parallels

I am effected by the Apple Seagate 1T HD replacement. I use time machine as a backup to my Mac that has Parallels installed. I am running Windows XP as my virtual. After the Genius's install the new HD and I load the original OS and upgrade to Mountain Lion what do I need to do? Can I use the most current backup of my old HD via Time Machine to reinstall Parallels, Windows XP and my Windows software? Or do I have to do full installs?

 

My situation is the exact same as yours. I'm also wondering the correct way to go about this. Any input would be greatly appreciated!