Yes, that should do it

However, if you have entered a value for
FULL PATH TO FORUMS DIRECTORY in your config.php file, you may have to change that as well.
Code:
// ******** FULL PATH TO FORUMS DIRECTORY ******
// On a few systems it may be necessary to input the full path to your forums directory
// for vBulletin to function normally. You can ignore this setting unless vBulletin
// tells you to fill this in. Do not include a trailing slash!
// Example Unix:
// $config['Misc']['forumpath'] = '/home/users/public_html/forums';
// Example Win32:
// $config['Misc']['forumpath'] = 'c:\program files\apache group\apache\htdocs\vb3';
$config['Misc']['forumpath'] = '';