g1smd - 10:17 pm on Feb 24, 2013 (gmt 0)
([^&]+) goes in the Condition testing parameters. It reads only the rest of this parameter rather then all of them in one go.
In the Rule, you'll need something else, something like
([^-]+) or similar.
You'll need a separate ruleset to redirect parameter requests with spaces. As I said at the beginning, "Setting up the system so that everything correctly redirects to the new URL is crucial". URLs with spaces shouldn't be a surprise at this stage, and your plans should include dealing with those right from the beginning.
Your first step should be to make a list of all URL formats that the site has ever used, both intentional and unintentional, as well the proposed new formats. Documentation first, coding second.