In order to be FIPS compliant I have to Reinstall our ePO server. I can live with that.
Can I still use the original SQL database once the reinstall is complete?
Is there anyway to ensure our existing clients will connect to the reinstalled ePO with no issues?
That is what we used to migrate to a VM from a physical server last year. It should work well for you; especially if you SQL server is hosted by another system.