Yes. It's that simple. Do it. It's adjusted out further and further it's entire life. Now you put a nominally smaller disc over it (the drum portion is unworn so it should be smaller in diameter than your old one). If you don't adjust the parking brake, you will have pad to disc contact, assuming your adjusters have been working properly.

I always put antisieze on the adjusters to keep them moving freely. Spin the adjusters all the way in and the back out until the parking brake pads just touch the rotor (drum portion). Then back off (I forget how many clicks, but Bentley likely has it).

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Kirk
Las Vegas
2016 X5 40e Mineral White/Black Dakota Leather, ZLL, ZCW, ZDA, ZDB, ZPP, multi contour seats, rear side window shades, HK stereo
2011 E90M3, 6-speed manual