thanks barak... edit - a matter of fact i did this the first time i downloaded electrum should i do it again, i wrote down the seed and password when i first did it.
A seed backup is for life but I suggest backing up the wallet file too because it contains address labels that aren't represented by the seed.
Then go ahead and upgrade. Worst comes to worst you will have to restore from seed which is easily done.
I would not suggest importing addresses.
for the small fee always send coins to your wallet.
No need for a backup as all transactions will be covered by the seed.