Actually I have done it (not by my choice) and it works fine. The Server at my web host was flaky and needed a reboot every other day. I did the online backup thing and just to be safe using ftp I copied by cgi-bin and ubb folders to my local PC. After about a 2 weeks the Server crashed and backups failed and I was left with 2 week old folders.
On the new Server I just uploaded them and changed the Variable Settings, set my permissions and rebuild the threads and I was back in business.
So the moral of my sad story is yes! that should work and you just need to change the Variable Settings and just to be safe keep track of permissions.