Yes, you need to take backup of your content store and database and that should be enough. So you can follow below steps for your upgrade.
1. Stop Alfresco.
2. Take backup of Content Store (alf_data folder) and and Database.
3. Install vanilla new version of alfresco.
4. Add customization on new vanilla alfresco instance and do initial testing.
5. Plug this new vanilla instance to old content store and database for upgrade to be happen. Wait for upgrade to be finish. In case of failure or error you can always use your backup of Content Store and and Database.
Let me know in case if you need further help.