Yes, why not? It's a wonderful little program that's absolutely necessary when running mods that change LOD stuff.
This. And don't forgot to re-run it any time you add a new mod that contains an ESP or ESM, even if those mods themselves don't contain distance files. Any change in load-order will throw LODgen off necessitating a re-run. Me, I make it a practice to run it any time I monkey with my installation, whether it be to install something new or update an older mod.
-Decrepit-