It should. We have an exclusion similar to what you're proposing but with Visual Studio and it works. Check out KB67648 for testing to determine if Exclusions (or low risk processes) are effective.
We've also tested the trailing backslash and despite what McAfee says it appears to work whether it is there or not (ex. **\toad for oracle* vs. **\toad for oracle*\). I put the \ in just to be diligent about it.
The way we did this was to set the exclusion at the \quest software\ level. We may yet tighten it up.
Something else to keep in mind is if you use separate on-access processes policies (high, low, default - we do) you will need to exclude the same path on the high risk process in addition to the on-access default. We found that svchost.exe (on-access default) and explorer.exe (on-access high risk) were involved in opening toad.exe. If you just use default on-access processes policies you should be fine with your exclusion in that category.