Hey Catherine,
I do not know of a specific problem with the method you describe here—you should be good to go with proceeding in this way.
I should point out, however, that making a backup of your site and database is something I would recommend before installing or updating any piece of software on your site! Not just The Events Calendar đŸ™‚ But any other plugin, your theme, or WordPress itself of course.
Just my two cents on that—and I would recommend a backup here before proceeding, just for good measure—but yes, you should be able to proceed in the manner you’ve described without issue.
Sincerely,
George