Upgrade website to webapplication in visual studio 2010 while under source control

I have a highly complicated web site that is under source control and has a long history. I would like to migrate this website into a web application project but I do not want to lose the source control history. We use Visual Studio 2010 and Team Foundation Server (Currently 2005 tfs but we are in the process of upgrading to 2010开发者_Go百科).

How can we create a webapplication project and migrate the files from the web application into it without losing the source control connections?

Is there a need to "migrate" the files to a new directory structure?

Seems to me that if you left all the files where they were, created a new WebApplication project, and just use "Add Existing Items" to add the files to it, that everything would be fine. All the files would stay in the same place, you'd have a brand new project file, and your history would be preserved on everything.