UMT is the correct tool that can do all that you require.
Yes it can migrate users and their favorites, inboxes etc...
You need to have administrator privileges to access that sort of content.
But before migration and based on your questions you need to study the tool -
http://help.sap.com/businessobject/product_guides/sbo41/en/sbo41sp1_instupgr_diag_en.pdf
http://service.sap.com/~sapidb/012002523100016820172014E/sbo41sp5_bip_upgrade_en.pdf