Although I haven’t done this, I am almost certain you can export as an .hpe file from one version of Sentinel and import the .hpe file into the other version.
I've done the cross-model swap several times.
Yep, correct! And I've done the same for my SDS100 and HP-2, of which I have both versions of Sentinel installed. Just keep in mind that aside from a few things (not the least DMR and NXDN aren't, and never will be, on the HP-2), the import/export process maintains all necessary info between the two.
Also , while ProScan does not support the HP-1 & HP-2, you can still use it to import frequencies and create lists for those scanners with a couple of extra steps.
Using ProScan, you can add the systems you want to a Favorites list. As
dmfalk noted, don't try to include DMR or NXDN systems in this conversion process. If you are a Premium Subscriber, you can use ProScan (or ARC536, though I do not have that software) to import the systems you want from the database,. Don't waste time assigning quick keys & tagging priority channels (unless you also want to use the same list in an SDS or x36HP series scanner). Alert light settings as well as quick keys can also be skipped (again, unless you want to also use the new list in the other model)
After creating the list, save it to the same folder the SDS/x36HP's versions of Sentinel use. Open the Sentinel version for the SDS & X36HP scanners. Select the Favorites list you want to cross reference & export it into an *.hpe file., saving it in a place familiar to you.
Open the Sentinel version for the HP-1/-2 and import the newly created *.hpe file, so that it can now be used in these models. If the list you created was also going to be used for your SDS or x36HP scanners, and you included alert lights, priorities, and Quick Keys. don't worry.The HP-1/-2 Sentinel version will simply ignore features not usable in the HP series. (If the list you created was also going to be used in the more advanced scanners, and you did have DMR & NXDN systems in it, then during the export to an *.hpe file, deselect those systems so that the don't get included in your export *.hpe file.