I do this slightly differently. Whenever I install a new version of RB, I rename the old directory and use the new version full install so that I have a fresh installation. I then run the new installation for a few minutes to make sure all is well, then I copy across any files from the old installation to the new one. These usually include NavData.db3, MyLog.dbe, D008.dat, my whole /Photo /Outlines /Flags /Logos directories and my custom colour files.
A bit more time consuming and it does use more disk space, but this way I know that I'm starting with a new install and that I can always revert to the old version if I need to.