Hi Shekhar,
For this kind of a migration you do as much testing as possible because below issues I can be faced:-.
1) after upgrade only Inventory load was not working, not remember exactly but some standard program was changed and we required to apply the note and we missed this in testing, as we done random testing of some flows.
2) We have seen Views got deleted, noone checked views in Test environment as no-one was bothered.
3) Some authorization got changed which was required to changed
4) Custom authorizations will need to change as it doesn't have new functionalities in 7.3
Checklist is based on functionalities you use, but i would suggest 1) run all loads same as a Production for a day or so and check all issues for data load. 2) Do all small user oprations which they do even rear to rear case, if we miss something to check then after some days its very difficult to identify if it is because of upgrade or something.
One more advice do pre and post upgrade testing to make sure if issue comes you can be sure it was working previously.
Its very easy to say, but to make sure everything is fine you need to test complete system .
Regards
Shrikant
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