While I don't recommend blindly upgrading in-place, yes.
(It's better to do a test in an offline / non-live environment just to be fully comfortable that things are working as expected.)
On your live site, if your admin folder has been renamed, simply follow this approach:
- run zc_install via the browser to start the process
- while looking at the license screen, open your FTP program and rename your "admin" folder back to "admin". Leave the FTP program open.
- back in your browser, click through to the System Inspection screen. You'll see the Database Upgrade option enabled. Click it.
- back in your FTP program, rename your admin folder back to what you had called it previously
- finish your upgrade process in zc_install.
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