This is the direction I would take, you may be able to salvage something from that old database. But for now to get your site up, I'd do what you're doing....
And yeah, it'll take some time to get a 51meg db back up. And you probably won't be able to do it through phpmyadmin. You'll need to upload it to your site, login though a shell and import it. Timewise is mostly weighted on the upload.
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