Well, as I said, I was looking to copy my current default profile from windows desktop to the portable version to use on say a USB stick and thereby avoid the long sync time. And use it with another computer, BUT only if it didn't mess up syncing etc with my current devices and profiles.
In the end I tried it last night (backed everything up first), and it WORKED. Copied my current profile from the Windows desktop (same version) to the profile folder that resided with the portable version. Fired it up, it did ask for my encryption password. Gave that and all is well. Syncing up fine and not causing issues with the other devices.