Yes of course follow same procedure as upgrading from GM.
Found a solution for your Applications issue.....
Keep your applications in the separate disk and right click on each application to create an alias (approx. 123 kb) and copy it to the application folder of your Lion and Voila!!!
For your migration issue use this Info.plist instead of the one I gave above in the Guide....please let me know if it works or not.
I am trying a reinstall right now. If it doesent work, I'll try the new info.plist
Edit: Worked with reinstall.