Time Machine is a great way to transfer stuff over. Do a full TM backup on an external drive, then put the install disk in the MBP and choose restore from TM.
If you don't have an exteral disk, here's what you can do. Assuming everything on the 500gb will fit on the disk in the new MBP, boot the MBP in Target Disk mode and do a TM backup to that. Swap the disks and put the MB in Target Disk mode (with the TM backup, on the smaller disk) and boot the MBP from the CD and restore as you normally would from a TM backup. This will wipe out the data (along with the wrong drivers) on the 500gb disk and do an installation with the right drivers and all the data from the backup.