You'd want to be pretty darn sure there's nothing in it you want to keep before deleting though. Unless you're running short of disk space, I'd recommend keeping it around for at least a few weeks, or even a few months.
Not long ago, I was able to retrieve all my missing fonts from my old /Library folder (now in /Previous\ Systems). I hadn't noticed they were missing for several months. I was very glad I hadn't deleted that folder!