No the relationship won't work.
Whilst I've not done this with Clustered OnTap I would think the process is:
Take a manual snapshot on the source Volume and update the snapmirror to ensure it's put onto the target
Move the Volume to the new vServer
Create a SnapMirror peering between the source vServer and new Destination vServer
Use the rsync option to get the mirror working again using the last common snapshot