I'd set up a completely new site with 3.4.0 and use
MySQL diff to estimate database changes, then go through, mod by mod, and port them to 3.4.0.
But, I'll stick with groovico on this and say wait until a more stable release. You'd have to go through almost the same process to upgrade to a version later than 3.4.0, so at least make it worth your while
Hope this helps
--Kurt