It's no problem at all, I've done that twice now.
First time was when I re-installed Vista at a new (read: larger) HDD. After installing the entire game and patches, I played a bit to make sure the game worked as intended.
Second time was a month ago, when I bought an entire new computer. I did the same thing again to make sure the game works as intended, before putting the saved games in the folder.
Thorin
