Sure,
Follow the step-by-step walkthrough (and the new release workflow for new updates).
Use the AutomaticUpdater tutorial for WPF apps.
Also, since you'll be working entirely with .NET 4.0 you'll probably want to build wyUpdate for .NET 4.0 (File -> Properties -> wyUpdate):
[attachment=0]choose-wyupdate-version.png[/attachment]
This way your only dependency will be .NET 4.0.
With every release of the AutomaticUpdater we're making it more forgiving. But if you use the AutomaticUpdater as designed, then you shouldn't run into any problems.