I am wondering if the optical sensor (being so old) is fast enough to track the much higher frequencies these new wheels would generate. In other words, are these new wheels on old optical sensors a bad combination? If so, would new sensors be much faster? Is there a reason that these would not work on Happ TB's vice Imperial?
RandyT has a disclaimer on his site about slow PC interface controllers, but I am asking about the quality of the small optical sensors mounted on the TB itself.
The sensors are simple phototransistors, and
almost positively fine with new wheels.

The only problems you migh run into are
IF:
(a) The sensor spacing and the tooth/gap widths are the same, a multiple there of, or very close to. The "perfect" design (cough) is x=(n+0.5)*y, where x is the sensor spacing, y is the tooth/gap width (assuming tooth width = gap width), and n is the max number of teeth and gaps that can completely fit between the sensors. The worst is x=(n+k)*y, where k=0 or very close to 0 or 1. In this case, both sensors would trigger at the same time (they are supposed to take turns).
(b) The tooth/gap widths are smaller than the sensor's view width. This sensor wouldn't be able to tell if the wheel is blocking the light or not.
(c) The sensor is not sensitive enough for very quick changes.
(d) The "wave square-er" (usually an inverter chip) is too slow.
The only one you might need to worry about is (a), because (b) isn't true for the not-that-much-thinner teeth/gaps in the new wheel, and both (c) & (D) are not that likely. It's much more likely the PC interface is the slow spot, unless the circuits on the TB are going flakely (and need to be replaced soon, new wheel or not).
That said, Happs came out with a new sensor board (the red ones) mostly for the super high speed golden tee trackball spins. I didn't notice a difference between that one and the prior version, but all I did was play games - no measured testing.
So, in short, there is the possibility that the new wheel might tip old boards over their limits, but I doubt it.