Yes, I recovered my UK account to my US 360 after I moved to California. It worked perfectly, and still does as far as I know. The only problem is that you have to keep paying in UK pounds. This means it is MUCH more expensive than if you had a Gold account that you set up in the US on a US console paying with US dollars.
As a result, I abandoned my beloved Gamertag (The Old Wolf) and made a new GT for the US as you can see below.
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