Upgrade Question: Shared MBP to 2 MBPs

My wife and I currently share a mid-2009 13" MBP. We have separate logins, but share much of the same data, such as iTunes and iPhoto.

I am planning to buy a new 13" MBP, and redoing the setup such that we will each have our own MBP now. I'm looking for suggestions on how to most efficiently do this.

So I need to migrate data from the shared MBP to the new MBP, and then remove a user and data from the shared MBP to make it a single user MBP.

I have a time machine which is a complete backup of our shared MBP. My only experience in using time machine has been in doing a full system restore when upgrading to a larger hard drive.

Can I use this to migrate data to the new MBP?

Also seems like now would be a good time to do a clean install of OS on the old shared MBP, and restore only what is needed for the user that will be on that MBP.

I was thinking of duplicating the iTunes, so each MBP has the database, and keeping iPhoto on my MBP. Eventually, I plan to set up a NAS with iTunes server, and more data sharing, but that is down the road.

Thanks in advance for your constructive feedback.

Ned