Maybe. Many people have reported doing that successfully. No muss, no fuss--but no more jailbreak. You'd end up with a stock Apple iPhone, just unlocked.
I've batted 1 for 3 in my attempts to do it. Twice, something mysterious went wrong, and I had to repwn the phone. Which was easy once, and a multi-hour ordeal once. So just from my own personal sample set, I'd say try it but don't be surprised if you have to repwn.