Really the deciding factor in deciding whether or not to use the old sand whould be - condition of the sand bed. Consider the depth as well as the amount of critters living in it. All too often in this hobby we see tanks that have been set up for 7,8,10 years suddenly crash due tot he sand bed. When you have even a relatively deep sand bed ( >1.5") you'll have pocets on anerobic bacteria which are great for nutrient reduction and nitrate consumption, but the moment they're exposed to oxygen, they die, when you have a large population of bacteria die instantly it creates a significant ammonia spike that the aerobic bacteria can't consume before it poisons the wntire tank. Now if you have a large population of sand sifting cleaners this may not be an issue as they will generally prevent dead anaerobic spots from exiting, but there's always a risk there's a dead spot you (and the snails) don't know about.
I would follow the above advice (personally anyway) and use fresh sand for the new tank, take a few cups of the old and seed the new sand. Reusing the existing live rock and some of the sand will minimize any cycle you may experience, I've set up a new tank using 100 lbs of live rock from an existing tank and saw no noticable cycle at all.