Not exactly. As noted in the intro to the last patch, it is only tested being applied over Portals to Theros or later (which was last November). If you are more out of date than that, I'd recommend a clean install. Also there have been some significant changes in the way the artwork is handled (in the Jan patch). So safest thing is just to go to the installation folder and do a clean install and then patch that up.
Edit: Hardly. I just read the intro paragraphs and am cautious by nature. Throw in the fact that Korath has taken over making the builds from Gargaroz and I wouldn't bet on one patch covering a year+. But it might.
