It always depends on how you have setup Alfresco. I have the nagging feeling you might have used the default installer, which typically makes such changes / migration a bit more complicated than they need to be.
To answer your question: Yes, it is feasible. The simplest way would be to just setup Alfresco on the other server, export the schema from the current server and import it on the new one. Also, copy the alf_data/contentstore over to the new server. The approach to exporting / importing depends on the database being used (lookup the appropriate documentation) - if you have used the default Alfresco installer you will be dealing with PostgreSQL which provides the tools pgdump/pgrestore for export/import.
If you setup an Alfresco and point it to an existing database / schema, Alfresco will never override / reset the data structure - that would be extremely unprofessional.