That'll work too.

Because now with a freshly installed system, you should make a backup image of your drive. You'll be thankful to have it when something goes very wrong. Not having to install all the drivers, browser, e-mail, video stuff (like Avisynth, Virtualdub and the likes) and especially all the Adobe stuff yet again saves a lot of nerves.

Like for Seagate and Maxtor drives, there's a special free edition of the great Acronis True Image backup software, which only works for WD drives (actually it works with any drive, as long as it finds a WD drive attached to your system): http://support.wdc.com/product/downloaddetail.asp?swid=119

Make a compressed image of your system and software drive(s) and put it some place safe.