yep. Will do. just: tap behind the current sensor so you will get the right indication of mah's/watts consumed. Otherwise you essentially omit the mah's drawn for the whole RC gear and will get the reading of what your motor is consuming only which may be quite off a bit. removing the red and black wire from the ESC will do, too.
Just don't "torroid" any ground (black) wire, otherwise the ground reference gets lost. When testing or powering up for the first time, always remove the prop. Check in your radio that the there is no travel limitation when calibrating your esc for the first time, otherwise, re-calibrate.
You should be good.