I have done it.
I connected through SFTP (most ftp clients support that) then downloaded the files. I have forgotten the path wher ethey are.
Once that was done I created a new library in itunes, imported the files. I had the itunes flag organize files set so it created a directory structure based on artist and album just like I had it before. It also renamed the song files.
Here and there it messed up and I lost a ton of album art but that was better then re-ripping my entire collection.
Cheers
JK