What would be the legal way to do this?

I am currently using a 20" Core Duo iMac and have just ordered a 24" Core2 Duo that will be arriving within the week. I purchased a retail FCE 4 and have had installed on my 20." If I uninstall or delete FCE 4 from my 20" and reinstall it on my future 24", will I be breaking any legal rules?

As Niel said, what you propose is perfectly legal and the normal thing to do when getting a new computer.
This doesn't apply to you, but it might at a future date (or maybe to someone else reading this thread) ...... You are allowed to have FCE simultaneously installed on a laptop and a desktop provided you own both of them and only use one of them at a time.
This rule only came in around a couple of years ago. Before that you could only have it on one computer, which meant that if you wanted to edit whilst on holiday etc. with a secondary laptop, you would have to uninstall FCE from your desktop etc. etc. to remain legal ............. I am sure that very few people went to all that trouble!
So the current ruling is much more sensible.

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