Correct way to upgrade Final Cut Studio 2 to Final Cut Studio

I want to know what is the correct way to upgrade the Final Cut Studio 2 on my MacBook Pro to the new Final Cut Studio? I want to be able to keep LiveType seems to have been killed off in Final Cut Studio. Do I need to uninstall all products in Final Cut Studio 2, first or can install over?
Which is the best way to proceed, I will be making the purchase within the next couple of weeks.
Thanks in advance,
Sebastian

Thanks! This is very helpful. I would like to keep Live Type as well but my main concern was because I am thinking about buying a refurb Intel Mac Pro off ebay with FCS 2 already installed. I emailed the company and they do not have the licenses for the software because it came to them already on it. I was hoping that there would be a way that when I upgrade to the new FCS that it wouldn't ask me for those. Other forums said to erase FCS 2 before upgrading for some reason but that doesn't make sense to me. Are you having any problems with it after writing over your old FCS 2?
Anything else I should be worried about in buying this computer?!
Thanks,
Phil

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