Technically the answer would be yes, but there are things like incrementing the modified version, the dictionary added in NOD when its layout is referenced as sheet, etc.... and those are just a few things I have noticed and sure there are many more the sheet set api handle for you. Also I have never looked at how it handles locking in network environment.
Using it to exploit the field parser was my main interest, but I started wrapping some of the sheet set api and still use it today but have not looked at it in while.
You can have what I got if you want it.