Yes, the easiest way would just be to move the profile onto the usb, then connect to live and recover the profile.
The saves should still work as the profile is a separate file than the saves.
Another way is to use Usb Storage Xplorer on your pc and copy the files to your computer hdd.
Then you can move back the profile to your 360, and afterward copy it back to the usb from the computer hdd.
edit: I have just tested it and it works, remember if you xbox is banned, everything will be corrupted when you use the profiles/saves on the banned xbox. Use consaver to uncorrupt the files.
This post has been edited by bigaznboi: Jun 28 2010, 03:05 AM