Yes,pretty much, as long as you're using it without a UI (although come to think of it I dont know what would happen if your dll DID have a UI - probably bad things). I've used this technique once so far, works pretty good. Take a look at sp_oacreate in BOL - there is a sample script that is very helpful as a starting point. My advice is to start simple, get the object to instantiate and set to nothing, then add from there.
Andy