Yes it can! It is based on 0.5, and won’t need to be updated.
This is assuming things stay the same re: updates only applying to items in the ~/launcher directory.
If it updates anything in the ~/apps or ~/games directory, things might get a bit hairy. But precedence says that it should stay the same.
You may just lose the custom splash screens. I removed the custom settings menu items for this reason. I will mark the files in future to not be changed, if it becomes an issue.
@gordi711 I suppose this applies to your query too.
Everything the official 0.5 image does, this image will also do. It IS the 0.5 image essentially.