Don't do that. You've essentially just turned the old hashes into plain-text passwords, and how sure are you that those hashes don't exist in backups anywhere?
There are user experience battles when talking about forcing a million users to change their passwords in a real system. Hashing the hash may be vastly preferable to management nixing the security upgrade. A password updating schema that changes the hash as users login and eventually locking the accounts of users who have not logged in for an extended period of time can accomplish rolling the hashes without having to tell users to change their passwords.