As I've done this already, I'll share that yes, this works. Of note, you do want to make sure that both devices are using the same kernel, as Estel_ noted. You can do that by installing the latest on both, reverting both to stock, or just version checking with uname.

You'll want both setup with fully charged batteries. It takes about 20 minutes to backup the full device and 20 to restore, and all of it is solid-state IO, which is a battery drainer.