Just bought a 64-bit Windows 8 laptop and wanted to migrate a Delphi 5 installation from an old Windows XP laptop. This is what I did to successfully migrate Delphi 5 plus all installed VCL.
1. Downloaded and installed VMware on the Windows 8 laptop
2. Created a new Virtual Machine and installed Windows 7 Professional
3. Copied the whole Borland folder from the old Windows XP laptop to the Virtual Machine
4. Using Regedit, export out the Borland registry entry
5. Copy (4) to the root drive of the Virtual Machine
6. Double-click on (5) to import into the Virtual Machine registry
7. Copy *.bpl from the ...Delphi5\projects\bpl into the bin folder
8. Copy from c:\windows\system32\*,bpl to the same folder in the Virtual machine
Basic idea is that runtime bpls must reside in the bin folder whilst design-time bpls resided in projects\bpl.
That's it :-)