Yup, I've done this a number of times. I did run into an issue once last year where the folder paths in the 4.40 Test system > Company Maint somehow were pointing to the client's live MAS 200 4.30 system. So since then I make it a habit of periodically checking these paths. And as a precaution for that client during the Upgrade Testing phase, we did what @JeffSchwenk mentioned. I wondered if it had anything to do with where 4.30 Live and 4.40 Test resided on the server. Maybe they were too close together in the folder structure.
This issue was previously discussed here: https://90minds-com.socialcast.com/messages/5828581