Gamez folder name does not matter. It will create the correct folder in game for you. You need to get the full GameID not just the BLES part but yes it will download the correct update.
Games I recall doing this for are... Destiny, GT6 (6 different regions), Battlefield 3 and 4. All COD games will work (tested) and numerious others. It saves a lot of download time when you need a particular region of the game.
All the files the OP changes get overwritten when you update anyways. Try it, you'll like it.
I have 6 different region GT6 games installed and I only need to change the param file to get multiMan to load the one I want or to update them when the updates come out.
Destiny was nice since it needs the correct region to join servers in your region.