Yes you need to copy web.xml and configuration.properties from the old install to the new one.
This is easy to do, as the Qm applications are stored as:
/usr/local/queuemetrics/webapps/queuemetrics-1.5.0/
/usr/local/queuemetrics/webapps/queuemetrics-1.5.1/
/usr/local/queuemetrics/webapps/queuemetrics-1.5.3/
So they are never deleted.