It would seem not because a new DB is created by the installer, so I'm guessing that you'd need to backup the DB, uninstall the old ePO and delete the DB, install the new DB and restore the DB from your backup. You'd also need to restore the agent keys.
In my case the Agent to Server communication port is changing so I'm thinking I'm going to need to redeploy the agents, but how can I ensure that every computer gets a new agent pushed out to it without wiping out the database and starting over?
Okay, so here's how I think it would need to be tackled:
1. Stop current ePO services 2. Backup ePO database 3. Install ePO on new server 4. Patch ePO to level of old server 5. Stop ePO services 6. Restore DB backup to new DB name 7. Start ePO services 8. Delete all systems managed by ePO 9. The automated sync process will then redeploy the agent to the machines. 10. Uninstall ePO from old machine and choose to delete DB