Yes, if yours is in that condition, then you can insert the assembly, guide the metering rod carefully into the jet and replace the 4 screws holding it in. Please note: there is only one way the diaphragm housing will fit correctly. The orientation should be obvious. Once you have that in place, then press down on the top of the diaphragm rod until you feel it bottom out. Then with your other hand lift up on the metering rod and feel to see if it goes back to sit on the bottom of the float bowl. If you have the diaphragm rod pushed all the way down and you can still push the metering rod down a bit to hit bottom, then you have to adjust it a tiny bit (by bending). You want the diaphragm rod and the metering rod to hit bottom at the same time. And your metering rod clip and your diaphragm lifter ought to sit parallel to each other...meaning one end should not sit up off the lifter...please see first diagram above.
