No, that will not work, I think that because the SuiteBundles folder does not reside in the SuiteScripts folder it will fail.
I suspect this is to prevent you messing about with the bundle and potentially having it fall out of line with the code base in the source account.
You can however manually update the code directly in the account via the UI as long as the files are not locked.
It was recently suggested to me, to make this less painful, use the drag and drop bundle to save opening the file manually.
Unless someone can suggest a way to configure the plugin to get around this. 🙂
(I tried it only last week with my local folder structure a direct 1-2-1 of the filecabinet / bundle folders & path)