There is really no upgrade, you install 3.4p1 and copy config files/logs. Anything in gui must be re-created so if you setup schedules.
SC 3.4p2 should be out soon with it you can copy the gui/snapcreator folder to preserve any gui schedules, this doesnt work in 3.4p1 unfortunately.
I would probably wait for SC 3.4p2 unless you are using SC to backup Lotus Domino.
Regards,
Keith