Will SD allow me to move a TimeMachine backup to another drive
 

The physical hard drive with TM is failing. I dont want to loose my versioning history. I want to move the complete TM backup to another physical drive and have it continue to add to the existing backups?

If the backup is in perfect condition, yes. If not, no. You may want to put the existing drive aside and start over on a new drive instead....but you can try. See this FAQ:

https://www.shirt-pocket.com/forums/...ead.php?t=3565