You would lose less ground (no pun intended) if you moved the whole root ball. You are still going to stress the hell out of it by digging and relocating, but less than starting over with just rhizomes. Also, you will be able to tend to your hops if they are at the same location as you are.
Don't sweat the grubs. They are probably in the lawn where they can feed on the easy roots. Just consider japanese beetle prevention techniques sooner than later - whether organic or chemical.