It does work, I've already tried.
You basically need to convert players, playerloans, player_grudgelove, previousteam, formations, teams and teamplayerlinks. Some of them (like player_grudgelove) might not be essential, but I still include them to maintain everything from the update.
I've always encountered problems when trying to convert dcplayernames and have resolved to just adding the names from that table to the playernames table of the DB. Of course, you have to change the IDs in the players table afterwards as well (since playernames can't read the IDs used in dcplayernames for some reason), but this isn't so hard if you know the tricks with Excel.
You could try to convert dcplayernames for the DB, maybe it works now for some reason, but I always got crashes when I tried it back then.
Another reason you need to use Excel is that every table from the Update has some stuff at the end of the table that has to be deleted, otherwise it causes problems. You can easily spot that stuff though.