Upgrading BW3.5 to 7.x

Hello,

I'm planning the following upgrade for BW:

Source
Windows 2003 32bit
SAP BW 3.5
SQL Server 2000 32 bit

Target(New Server)
Windows 2008 R2
SAP NW7.4
SQL Server 2012 64bit

Steps :
1.Install SQL Server 2005 on the target system.
2.Install BW3.5 .
3.Restore Production Copy
4.Upgrade SQL Server 2005 32 bit to 2012 64 bit.
5.Upgrade BW to 7.x

(Collation: is not SQL_Latin1_General_CP850_BIN2)

I’m not sure that it’s possible to Upgrade SQL Server 2005 32 bit to 2012 64 bit directly.
Do you have any idea?

Thanks