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you will need to extract, analyse, cleanse, transform, manipulate, etc the data coming from HP to meet the structure required for the BMC tool set. There are a lot of differences in the HP tool and Foundation data setup for SD e.g. Impact/Urgency matrix, Categorisations, etc.
Best to use the Data Load spreadsheets to get the data into the correct format for when you are migrating.
Thanks Carl for your prompt response on this discussion.
Actually I was just looking for approach and challenges, if this has been done earlier by anyone. As you have mentioned correctly, we can use data load template and with the help of DMT we can update few foundation data.