Yes. You can always change hard drives without killing an OEM activation. At most it may need reactivating but the only deal killer for keeping that same PC's OEM version activation is changing out the mobo, and even that is questionable whether its fatal.
I understand how moving the OS can cloud the activation rules due to the adjustments that often must be made, but it still is only a hard drive hardware change and that never rises to the level of fatally affecting the existing OEM activation on that mobo.
Keep in mind you can also move only the HD or OS image. PAR makes that easy by applying Win7 backup images while doing the adjustment.