Yes it is. Before you reinstall, rename your original Operation Flashpoint folder to something like Operation Flashpoint(old copy). Then when you reinstall, it will create a new folder with the original name and you will be able to tell the difference quite easily.
If you don't use mod folders, it would only benefit you to begin doing so. Simply precede each folder with an @ symbol so you know which folders are not originals. I make a practice of storing all of my addons in a separate place on my drive. And then only copy and pasting the ones I need for whichever project I am working on or mission I am playing. This way compatibility never becomes an issue and I can just delete the mod folders from the Operation Flashpoint Directory when I am done with that project or mission.
Hope this helps.