Yup....However you WILL have to change recoverys. but those updates we used to flash like the ROCK kernel and MMS patch are signed with AMEND scripting and wont work. Heres how to change recovery the easy way (since you already have one) DO NOT INSTALL IT FROM ROM MANAGER!!! I cannot confirm that way works as I always change recoverys with terminal emulator.
Place the new recovery.img on the root of your sdcard and then do the following from terminal emulator. (mount the system R/W however you prefer)
#flash_image recovery /sdcard/recovery.img
if all goes well you'll be seeing that brutal CWM recovery in no time, flat!
REMEMBER:: REPLACE YOUR RECOVERY BEFORE FLASHING CM7.2 and DONT WIPE YOUR SDCARD just everything else