Yes, it will :-).

It has two drawbacks, though:

It stores not only the wallet but also the block chain cache, which is grows as time goes by, inside the app.

Furthermore, If you don't use a client+wallet bundle often, when you launch it, you have to sync download all the keychain blocks that have been since the last use, or you'll have to copy them manually, which means that you risk to mess up and overwrite the wallet.

I've written a new script that that only stores the wallet and creates a symlink in the ~/Library/Application Support/Bitcoin, but I haven't tested it yet (and I'm not home right now).