Yes, true, this works well, I think if the kernel image is all that is installed. I agree with Dapper Dan, Synaptic is the way to go. He can give you specifics on fedora and synaptic installation and use.
But, I would keep it around, just in case something goes amis with the new kernel, as a backup to get into the system. You can change the order that the most recent kernel comes up easily with either Grub or Lilo, which ever boot manager that you are using, if this is a concern or preference.