I have completed the upgrade of the blog software to the latest version which is based on ASP.Net 2.0. It war pretty painless. Basically,
1. Unzipped the site to a new folder;
2. Updated my Web.Config for the connection string and admin email;
3. Copied the Images folder from the old site folder (mainly for the subfolder for the webguild site)
4. Used ISM to "create" the web and change the permission from None to Scripts (else 403 errors)
5. Logged on as hostadmin to complete the upgrade.