However, I would advise that you always have a copy of the initial install without any changes, INCLUDING the .ini file. Also, once you make changes (mods and ini) always have duplicate backups of the .ini with different tweaks you are testing, even simple changes. You don't have to do each change as a backup, but I have a couple as I tweaked things with my current install on the laptop I bought last winter.
This is the reason I haven't gone to the most recent Bash releases with BAIN, too. I use 187 and just do not have the time to upgrade, doing packages and (more importantly for an upgrade for me) redoing my replacers as packages. As it was, I had to do additional tweaks to get Oblivion to run properly on the new laptop, mostly related to sound issues causing lag and crashes. This is not something that is readily apparent and it took a long time to figure out the cause. I never had the problem on my old desktop, of course, because each computer is different and may behave differently even if the general specs are equal or better. This laptop is powerful, but obviously Oblivion has an odd interaction with the sound card to cause these types of problems (other games don't do this, of course). It's very much the same types of problems that people used to see on desktops and why the Quiet Feet mod and various .ini sound tweaks were created.
Anyway, it's feasible, but it's good to have mutliple sources to draw upon and simply copying from one place to another may or may not work. It would still save time, as it did for me, but tweaking may be required.
Also, you may want to check out Tom Long's POSitive site about using BAIN and backing up/restoring installs. Info about how to do it is supposed to be on the site, although I have not checked it out personally (yet).