Content Taxonomy Question

NOW: Information in CCK Fields
* Have CCK fields for Region (Europe, Asia, etc.)
* Countries (Japan, Germany, etc.)
* Information has been entered in these fields

NEED: CCK Information as Taxonomy
* I set up Taxonomy vocabulary with Region/Country as Parent-Child
* But I do not want update 800 nodes by hand

Can I move the information from the CCK field into Taxonomy (using Content Taxonomy)?

But looking at Content Taxonomy, it seems to move info from Taxonomy to CCK fields, but not the other way around...

If this won't work, any other ideas?

Thanks!