The new hive will have the old queen and the nurse bees. The old hive will have all the fly-backs and the capped and open brood to raise a new queen.
I can't see the attraction of this - I just don't 'get it' - and the use of a fume board sounds bloody awful to me.
IF (big IF) the purpose is to make a split by separating the Queen and Nurse Bees from the colony, and leaving open and sealed brood behind to be cared for by foragers on the old stand (which it sounds like) - then you could achieve the same result by moving the original box to a new stand, and shaking-off the queen (carefully) and the nurse bees and moving those bee-less frames back to a box on the old stand ....
... BUT (big BUT), you write "The old hive will have all the fly-backs and the capped and open brood to raise a new queen." BIG MISTAKE.
It is perfectly true that foragers have the ability to revert to nurse bees - given a few days - and the youngest of the foragers will most certainly be able to do this - BUT - in order for a colony to raise it's own queen it needs lots of nurse bees, and not just any old nurse bees - but nurse bees which are already in feeding mode - and you won't have these in that colony for several days.
The result will be (at best) a scrub queen - is that what you really want ? Strongly suggest you re-think this 'technique' again. There are sound underlying reasons why certain procedures have become pretty-much 'standard' amongst beekeepers - and that's because they work.
The basic principle underpinning any self-queening split is that the old queen stays with the foragers, and the open brood (the potential new queen) stays with the nurse bees - the more nurse bees, the better quality any resulting queen(s) will be.
LJ