Dropping and recreating indexes for performance reasons?
Instead of dropping the indexes, I'd recommend disabling them then enabling them.  Preferably through a cursor (ignoring the clustered index) so that if an index is added or removed from the archive table the stored procedure doesn't need to be modified.

This is pretty standard when doing large data warehouse loads, which is basically what you are doing.

UPDATE: Scrub that.  With the very small workload that you are doing just insert the records without dropping and readding the indexes.  If you were moving hundreds of millions of rows then removing the indexes would be worth it.