If you are getting the binaries, then yes, you just overwrite your old files.
As for the database, I would make a backup of each table individually, and store that somewhere. Then drop the current database, source the new one, and take a look at it.
If it so happens that a new field is added in a table or something, you can source the old backup file to a new database, run a query to modify it, save the code, then put it into the new database.
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