Hi, Craig -- welcome to the forums.
Yes, Backup - all files will create a bootable backup of all files on the drive, save for the ones Apple specifically says not to copy. You could then take that clone and copy to a different machine.
Note, though, that if you're using a Firewire drive to store the clone, both machines would have to be able to boot from Firewire.
Hope that helps!
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--Dave Nanian
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