Yes. Once you have done it this time it'll only take a few seconds.
Also being that far behind you might get out of date messages. In that case download this file click here 3.5 Mb and put it into the Update folder under you AVG installation then open AVG and let it update. That will get you up to version 516. Then run the normal update again and it'll download the updates to the latest version. After version 516 the updates only take a minutes to download instead of 20!!