Yes, it will work. Done it multiple times.
One note, be careful and only bump it. If you don't remove the radiator, there's not a lot of space to fit your ratchet, and it dosn't take many turns for it to be pushed backwards into the radiator, leaving a big dent in the fins and you unable to get the wrench out.
Ask me how I know...
But based on what you've said - really you need to plan on taking that timing cover off, cleaning it all up and starting fresh w/ new seals etc.