Just wanted to update, I was able to implement the solution successfully.
Make sure you include this in your .htaccess file
The rest is easy, pretty much create a cgi-system directory in the your home directory and copy all the files required to run php as a cgi module. Create a symlink 'cgi-bin' which is pointing back to cgi-system in the home directory.
I have transfered all my 22 projects and everything is working great. Don't forget to add the following in .htacess as well
AddHandler php-cgi .php
Action php-cgi /cgi-bin/php.cgi
Last but not the least setup a cronjob to update the php.cgi weekly/daily.