For frequency response you are correct.
However, there is a hum-reduction argument that says to keep the source impedance of the capacitor no greater than the preamp's output impedance at 60Hz. That works out to be 3.8uF for a Foreplay III.
If it were me, I'd go ahead and try it. If there is any hum or interference problem, just replace the original cap leaving the new one in place as a bypass. (I'm assuming you ask because you have a higher-quality 0.47uF cap in mind as an upgrade ... )