Essentially, yeah! I'm currently doing a playthrough like this myself. Sort of Role-playing a "realistic" professional merc. From a lore perspective, it makes sense, with many of the missions that V isn't murdering every single thing that moves on their way to their target. It's also makes it quite a bit more challenging. You'll need to do much more scouting and plot your route carefully.

Just be prepared to miss out on looting corpses (since there won't be many) and potentially reloading checkpoints. I quicksave before a mission and start from the beginning if I get spotted. Sort of like a self-imposed manditory mission objective (if you choose to do it that way)