well, do you have any other HDDs?
(are you using several HDDs for audio, one for programs, one for samples etc?)
If you only have one, and everything is stored/installed on that disc - you have to re-install absolutely everything.
If you have several, it
might be a bit more complicated.
Could you describe your setup?
But - to answer your question - yes this possible and should not be an issue.
but I would have rather unplugged your OS hdd, and used a second internal HDD then do a clean install of win8 on the new HDD.
You can always find the use of this HDD later if you decide to not go for win8.