Hi,
no it is not as simple. The data structures of WHS 2011 are totally different to WHS v. 1, no Drive Extender, no User shares.
You will find the data on the old server disks as described in the FAQ
How to recover data after server failure, so be aware, that some of it may also reside on the system
disk in drive D:.
From the locations given (DE\shares folders on the various drives) you can copy the files to the new shares, assuming the internal disk has enough space. Since an upgrade is anyway no supported option, why dont you get yourself a 2 TB disk as new system
drive?
Best greetings from Germany
Olaf