[kubuntu] Virtualising old installation on new system

Recently I acquired a new system that is powerful enough to support a 64-bit version of Kubuntu. While I am almost complete in the transition of updating the install from a 32-bit machine, I still want to keep the old 32-bit install around in case I find something I need and want to migrate settings.

Is it feasible or advisable to create a virtual machine of the old 32-bit version?

My plan is

1. Remove software and associated home files from the 32-bit machine as much as possible to reduce Gb's
2. Create a Clonezilla image
3. create a VirtualBox machine on the 64-bit system
4. restore the Clonezilla image to the virtual machine
5. Re-purpose or junk the 32-bit computer to get it off my desk

Are there parts of a Linux install that are dependent on the hardware of an actual PC that may not be present on a VirtualBox?

Has anyone else tried this and have input to offer?

Thanks