You will need at least drivers for the PicassoIV, easiest is to install the Picasso96 package which can be downloaded here:
http://aminet.net/driver/video/Picasso96.lhaFor your CDROM you can download IDE-fix or an alternative driver.
Maybe an idea to archive the data on your old drive into a directory on your flash card, you can then always check certain files (licenses, settings, ...) at a lter point in time if you find out you missed it...