JHarrings advice got me on the right track, but for anyone else that isn't already a SQL DBA; here's a step by step of what i had to do on our 7.1 build on Win2008R2 & SQL2008R2:
I was unsuccesful when attempted a direct SQL to SQL copy, so I had to opt for the backup & restore option.
OLD Server:
Stop all Altiris services, but leave SQL and services untouched. Open SQL Manager, and login to the (local) server.
Right-click on the Altiris DB (default is Symantec_CMDB) -> Tasks -> Back up.. Choose Full and choose/make note of the destination folder.
New Server:
Again stop all Altiris services, but leave SQL services running. Open SQL Manager and right-click on the Databases folder and choose Restore Database.
Copy the .BAK file created from the old server into the C drive of the new server.
Select to restore from Device: File
add the copied .BAK file from the old server
Then select the check box next to the DB to confirm which one to restore.
Cross your fingers!
If restore was successful, resume JHarrings instruction:
Start all Altiris services on both servers again
Open the SMC web console -> Settings -> Notification Server -> Database settings:
Change the server name to the new server hostname, select the bullet to use an existing DB.
Depending on your security configuration, you may have to perform this last step on the new server.
All credit to Jim! Just spelling it out for those of us that learn on the fly.