I am considering buying a license to UE4, after i release my project in UDK, and have enough funds. Is there anyway which i can port my current UDK Project, code, and Assets to Unreal Engine 4 easily, so I could upgrade the engine as a free update for PC Users, and to get the ability to port my project to Xbox One, using the id@xbox program.
Not currently. They are different systems with different internal structures.
yes i understand that i cant port the project over, but is it possible to reimport and modify the assets, game-scripts (Weapon-Data,etc), and maps to work with Ue4
Well, your scripts would go away and need to be re-written. There is no unrealscript in the new engine. Visual assets should be able to come over, but I am not sure about maps. A safe assumption is that you would need to remake those too.
Ya sorry looks like everything will need to be redone