Installing NCM on new server using old DB server

Good morning/afternoon/evening;

We currently run NCM 7.1.1 and Orion 7.1 however they are not integrated but do share the same DB server (not the same DB). The NCM server is installed on a VM here in office. I have been tasked with moving the NCM server to our new DC, what I am planning to do is build a new VM and then install the product there, pointing it to the old NCM DB, if I do this will the existing jobs and templates be migrated to the new version and be accessible from the new NCM server?

Process;

Shutdown existing NCM platform

Backup the NCM DB

Use config wizard to point the new NCM to the existing DB

Backout being restore the NCM DB.

Is this a sensible approach?

Thanks.