You can. I'm doing this since years now and it works. But anyway: it's neither the best nor the easiest way to create backups.
MC has a build in backup system which is beyond of what your are going to do. MC will backup your program settings as well as your library. So you not only have all your tags, Playlists, smartlists stored in your backup, but also your zone settings, personal views and so on. Maybe you'll say you don't need, but be sure: you will once you used MC for some time
You can configure where MC should put its backups under
Tools > Options... > File Location > Programm Files > Library Backups. It will create backups as a zip file. If you tell MC to restore a backup it'll ask you whether to restore your library (
file tags, playlists, smartlists etc), your program settings (
zones, views, handhelds etc.) or both of them.
Give it a try! It's the best way.
For me I also backup MC program folder manually (
to have a backup of my personal skins, visualizations and some custom data). And I still backup my library folder for some reason. It doesn't need much space, so I don't mind even I'll probably never need it
