Query on updating theme version, MedicalPress - Health WordPress Theme

My existing theme is MedicalPress - Health WordPress Theme of version 1.3 and the latest version is 3.2.
There are some 16 versions in between these two versions. So there are lots of changes. I am not sure if directly upgrading the theme will work.

Similarly the existing version of RevSlider plugin is 4.6.5 and the latest version came with the theme is 6.2.15.
Can anyone guide, whether these direct upgrades will work smoothly , i have recently also updated the wordpress php version to 7.3