The simple answer is no. Remember you delete the LimeWire folder, not the roaming one.

Post #5 here http://www.gnutellaforums.com/window...tml#post183932 explains how to back-up incomplete downloads if you have any.

But after deleting your LW settings files you will need to reset your downloads location first time you open LW again.

What are all the files in the preferences folder?

There is the downloads file as mentioned above which records details of your incomplete downloads.
There is a library file that details both all files you have in your library and those files you are sharing.
There is a props file that records general settings such as your download location, contains blocked hosts and search terms, connection history. This props file is maybe the most common file to become corrupted and zeroed. Not sure about the others.
There is the gnutella file which is the file that helps you connect.
There is a xml folder that contains specific details about your library files.
There is a fileurns file that seems to detail shared files specifics and locations.
Probably the largest of all the items will be the browser folder. This is disposable as LW will create a new one next time it is opened.

Your Library in LW will probably be empty when you open LW. You can always re-add files to your Library via drag and dropping the files from your LW download folder.