Anthony
Yes, unfortunately, like Tony suggests, you have to do it this way.
Another way would be to install a *NEW* EV8 Environment and then migrate the Data from the EV7 Environment.
Why?
1. EV Server Consolidation (dozens of EV Servers sounds like quite a lot - of course depends on your Environment)
2. EV Site Consolidation (Maybe multiple EV Sites are not desired anymore)
3. New Storage Model (You could then use Advanced single instancing for your existing data and probably save some storage space)
4. No need to do a simultaneous upgrade of all your EV Servers :)
Of course, migrating everything manually would take weeks, so we have developed a tool called Archive Shuttle, which automates this process:
http://www.evtools.net/products/archive-shuttle
Cheers
Michel