install 7 onto a solid state drive a good idea or not?

My current 2009 store built computer original hard drive is now failing with Windows 7 Home on it, and my disc for 7 install is a OEM type and I want to know if it is a possible and good idea to install it fresh onto my solid state drive, ( an Intel 120 GB )? And I did make a windows full backup to a external eSATA hard drive and I saved all my folders and files also to a external partition drive. Will activate by phone to Microsoft be no problem with my OEM, or will they require me to buy another 7 license? My system has 1 500 GB partitioned up hard drive from 3-2009 when this PC was got new, and the Intel SSD drive. I do have a new 1 TB WD hard drive ready to use if it is not a good idea to restore a backup type of re-install with my OEM 7 disc.

Tech Support Guy System Info Utility version 1.0.0.4
OS Version: Microsoft Windows 7 Home Premium, Service Pack 1, 64 bit
Processor: Intel(R) Core(TM)2 Duo CPU E7400 @ 2.80GHz, Intel64 Family 6 Model 23 Stepping 10
Processor Count: 2
RAM: 8191 Mb
Graphics Card: NVIDIA GeForce 9600 GT, 1024 Mb
Hard Drives: C: 308 GB (254 GB Free); D: 65 GB (27 GB Free); E: 30 GB (14 GB Free); H: 20 GB (19 GB Free);
Motherboard: ASUSTeK Computer INC., P5QL PRO
Antivirus: Norton Security, Enabled and Updated