Yes I have. It's been a while, but I set up my original iPad (the first model) back in 2010 from the backup of my iPod Touch 4th generation. I set up my iPhone 5S from the backup of my iPad 3 and I set up my iPod Touch 5th generation from the backup of the iPad 3 as well. All went without issue.
In any event, yes I have done it before. I think that you will be fine. Just back up the touch and I think you already know how to do that - and when you get to the point in the iPad activation where it asks if you want to set up as new or from an iCloud or iTunes backup, choose the appropriate one and you will be good to go.