There is a laundry list of steps to follow to replace the MSC card. Should have gotten the instructions with the new card. Be sure to follow those to a "T".
If you don't care about keeping any programming, then yes - run a universal profile, regenerate/reapply keycodes, reprogram.
Also, the system needs to be at release 3.0 or higher to support the universal profile or to have a "Nortel Supported" field replacable MSC.