Velvet Blues – Updating the URL of links

Hi,
Can you help me. I’m going to download the velvet blues update URL plugin and use it. At the mo, wordpress is installed on http://www.scissorsafe.co.uk/wordpress and therefore there’s numerous links pointing at http://www.scissorsafe.co.uk/wordpress/pagename. I obviously want to change these links to http://www.scissorsafe.co.uk/pagename. Therefore would I simply enter the old url as http://www.scissorsafe.co.uk/wordpress/ and the new url as http://www.scissorsafe.co.uk ?