Well, in theory yes. 🙂
I must admit that I never upgrade Eclipse this way, although I know upgrading MyEclipse this way works fine. I suppose the reason for my reluctance to upgrade Eclipse, rather than just reinstall it, has to do with being involved with it for so long and seeing it “not work” more often than “work”. However, this is probably an outdated prejudice on my part at this point.
Why not give it a try and let us know what you deterine? Please back up your existing installation and workspace first. 🙂
–Scott
MyEclipse Support