iTunes re-install questions

I am slowly rebuilding my database after my hard drive (HD) failed 3 weeks ago, among which is my iTunes library. I plan to download the latest iTunes software from the iTunes site. I failed to back up my failed HD for 6-8 months and did not back up the iTunes library at all. Fortunately I also had iTunes on my back-up PC, which was established in 2008 and has many of the same tracks--I think--as the lost iTunes library. I have a few questions that admittedly may seem very simplistic.


1. The iTunes folder is in the Music folder under my user name. Should I simply copy it to the corresponding Music folder on my new HD? I understand once installed, iTunes will be able to find the iTunes track in the transferred iTunes folder, is this correct?

2. Many of the iTunes tracks originated from MP3 files, many of which were lost. When I add MP3 files to the iTunes library, does iTunes create a new iTunes track from them or does iTunes library play the MP3 file? In other words, do I still need the original MP3 file or another MP3 file copy if the original MP3 file was lost?

Thanks much for reading and any responses and information.

 

1 - Yes. That will work.
2 - No. You don't need to worry about that.