yes.

the genkey goes in the exclusivecoin.conf if necessary,

if you are only running one master node, then you can handle it all through the exclusivecoin.conf using the genkey, but the setup as described works for local masternodes.



apparently you can set up remote masternodes using the genkey,
i havent explored it yet but i get the impression that you can set up a remote client/wallet with no coins in it, put the genkey in that remote exclusivecoin.conf file then start it up using local client.

i believe then you would still need the privkey in yr local masternode.conf

hopefully i will work this out in the next day or two, i've found teh tutorials elsewhere not entirely descriptive enough so i'll try and write one too.
heh i should put them on steemit


edit
remote masternodes sounds awesome.
the transaction database would never clog up and the client could run reasonably quietly.