My question was more around can I remain with my 3.5.4 install with the newer versions of PHP & MySQL (and any other thing I'm not thinking of at the moment).. I know what would be entailed in upgrading my existing VB version to the latest and I don't look forward to that right now. I'd rather just move the files and database but have them run on the newer versions of PHP and MySQL stated above.
This is a dedicated server of mine so shell access isn't a problem.
If you have problems with mysql 5.x try changing the mysql value info at config.php from mysql to mysqli