moving itunes library files

Hi, I have two iTunes libraries for weird historical reasons. They both point to the same Media folder, located in the traditional ~/Music/iTunes folder. However, the library I use is in the other ~/Music/AltTunes folder. It's the one that has the correct ratings and playlists and, more importantly, the one I sync my phone and iPad to. I want to clean things up and consolidate everything to the standard folder. Can I just copy the contents of ~/Music/AltTunes to ~/Music/iTunes and let everything overwrite (except for the Media folder, of course)?

Mike