The answer is yes you can do it.
You will have to first:
1. Use the licensing.arubanetworks.com site to move the licenses from the 3400 over to the 7200 (just collect the new activation keys for now).
2. Backup the Flash on the 3400 and copy off the flashbackup.tar.gz file
3. Boot up the 7200 and give it a dummy management ip address that you can web into to upgrade the code.
4. Web into the 7200 and upgrade it to 6.4.4.9 . Reboot (you can save configuration, if you want but it does not matter).
5. Web into the 7200 and copy the flashbackup.tar.gz file in step 2 onto the 7200 using tftp using Maintenence> Copy Files. Use the File>"restore flash" option in the Maintenence Menu on the 7200 to restore the flash. DO NOT click on the "save configuration button at any time.
6. Gather the new licenses from step one and paste them into the 7200 one by one using the Configuration> Network> Controller> Licenses portion. DO NOT click on the "save configuration button"
7. Get a console cable for the 7200, because when you reboot, the interfaces for the 3400 and 7200 do not match, so you will have to console into the controller and configure them manually for the 7200 to work.
8. Reboot the 7200 using Maintenence> Controller> Reboot controller and DO NOT SAVE the configuration when prompted. If you save the configuration at any time during a restore, it will simply copy the the empty configuration, without any licenses and ruin EVERYTHING.
9. Plug in the console cable, login to the controller when it comes back up, configure your uplink interface(s) to have proper trunking, etc, so that your controller has proper connectivity.
10. Remember, you need to configure the physical interfaces manually, because the configuration for the 3400 does not match the 7200 when you restore the configuration.
I hope that helps.