It more than likely would, yes.
The find and replace tool is very intuitive to use once you open it.
The best way to see is to pick one file to begin with and see what happens. If you're happy, select them all and repeat.
Personally, I don't bother with either and keep the album name the same, using MC's [disc #] field to track that information instead. If you then file them away into [album]\[disc #]\ folders, you'll retain valid [complete album] statistics too.
Alex is even more meticulous on this subject and he has a post or two describing his system around here somewhere. I don't have links handy, but I'm sure Alex does...
-marko.