The short answer is yes.  We had to do it for one of our DSes but you will need to do a reinstall of the DS and point it to the new database server (we moved it off the server the ds was installed on).  I think you might just have to change to odbc connection to point to the new server because we were having other issues, like the database became corrupt.  You will also need to fix any remote installs of the console if you have any.