I haven't used PM in a while but last time I checked, it didn't support reiserfs. If that's the case you can use a free tool called partimage. See this link on how to use it and where to download the bootable cd iso file:
After doing the windows install on the new drive, image your 40GB hard drive partitions to your new drive; put in your old 60GB drive, repartition and restore the partitions with partimage. To do the restore with partimage, the partitions you create have to be the same size or greater than the original partitions.