Can you give the exact make and model of your CPU. Generally EVC is decided based on the generation of CPU not with specific models, if both V2 and V4 comes under same generation then we need not worry about EVC.
If you give me the exact CPU make and model, I can get the generation of CPUs and provide more inputs on which generation the EVC should be selected.
Regarding your queries
After you create a new cluster v2 server and v4 server EVC configuration possible?
Yes, it is possible until you dont have any VMs running on it which may create conflicts with the setting.
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Can I migrate from an existing v2 server to evc cluster and move it to v4?
Again it depends on the CPU family/generation, we cant decide on V2 or V4
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Is it possible to migrate back to a v4 cpu model cluster?
Yes, if the CPU generation are same.
Is this how you can migrate VMs to a new server?
Yes, for online vmotion we have to ensure CPU generation are same from source to destination without creating any conflict during migration. For cold migration, we need not worry about EVC.