We are also deploying project Server 2007.
For us it is a one-man show: Me.
You will need to upgrade all of the Web Front ends,
Back up databases of course.
Determine which database the project server data will be on,
And if you have a different instance to do the reporting, that will be
important too.
Other than that there is a whole world of Project Server 2007 that has
nothing to do with sharepoint. I hope that you have somone expert in
MSProject.