Yes, in most cases it is that simple. I used the certreq.exe to generte my certificate request and apply the ceritifcate to the server. I then added VDM to the friendly name and rebooted the server, though I think a restart of the service would suffice. As in all instances you would want to have a backup plan such as snapshot the server prior to making any changes.
Here is a KB that describes another method. http://kb.vmware.com/kb/2020913