If you follow the steps from
http://pve.proxmox.com/wiki/Upgrade_from_3.x_to_4.0 you actually don't have to restore any backups, but you
should have backups in case something goes wrong (then a clean new install is the only way).
The node will not be destroyed, all will be just upgraded and so the data stays.

After the upgrade VM should runs as expected but for Containers you have to rebuild their network configs as this can not me migrated in a generic way.
I'd suppose you follow the process and upgrade the node, in 3.x nodes cannot see 4.0 nodes (corosync 1.x vs 2.x), so your nodename may stay the same.
On the first node you upgraded recreate the cluster and add the others to it with 'force' after you have upgraded them like described.
This won't touch your VM/CT config files or drives, it only creates the corosync config (which replaces cluster.conf from PVE3.x).
When you upgrade be careful and look that you do not miss a step.