Hi Ryan223,
The migration scenario from EPM 2003 to 2010 using the VME is very well documented on TechNet.
In addition, I have written an article with some best practices for migrating from 2003 to 2010 using the VME, including some of the issues you might run into and how to avoid them.
http://msepm.hsquared.be/?p=127
I hope you can manage to migrate succesfully using this documentation.
Regards,
Hans
My EPM blog:
Projectopolis