That is the general idea, for "moving" an installation, but as I pointed out before, if you do it that way you will lose the ability to upgrade via the "one-click installer.
This isn't necessarily "bad", if you are willing to manually do the upgrades yourself (it is not that hard to do). [winkl]
If, however, you do want to rely on the "one-click" robot for upgrading, simply using the Control Panel -> Goodies -> One-Click screens to delete the first install, and them using it again to create a new install in the correct directory will give you the functioning address you desire and preserve the "one-click upgrade" goodness.
I'm sorry if this confused you; I probably could have explained it better .