Yes, but remember:
- If your local machine is behind a firewall (and, really, whose isn't?) then you have to punch a hole through your local firewall to allow the remote script to connect to your database.
- Unless you're using an SSL flavor of MySQL (4.x) or tunneling through SSH, you're transmitting your id, password, and data across an unsecure, unencrypted internet connection. Even if your data is uninteresting, it's not a good idea to let the World know the id and password to your exposed MySQL database.
Other than that it's a great idea. :-) When dealing with an ISP it's much better just to SCP the data to your ISP, and load it that way.