YES! Tested and it worked perfectly! When you train skills, it will even update the current number of points showing properly thanks to your finding that level_old is actually used for the client to update points.
The only case where it doesn't update properly is if you #level more than 1 level at a time. But, this isn't really an issue. And, it is easily resolved by just zoning.
Excellent fix. If someone else doesn't get this on the SVN before tonight, I will do it later