It depends on where the block is. If you have this:

data data data data data bad block (free space) (free space)

you could be fine. If you have this:

data data (bad block) (free space) (data) (data) (free space)

you might end up sending another object to the bad block. SQL Server isn't intelligent about the shrink. It reduces the size of the file, moving extents from the end to the beginning.

Ideally, I'd think about copying the mdf file over, but I'd be worried about shutting down the server right now. At the least, I'd get dbcc to finish, and I'd also look at bcp'ing out all data, and I mean all data into files. Drop each table into a separate file and check them for integrity. Worst case, you have to BCP back in, but that's easily scriptable.

I'd also script out all schema. Something like Red Gate's SQL Compare makes this really easy and you could transfer stuff to a shell db if you have the tool.

disclosure: I work for Red Gate.