Yes, it's easy. BUT - remember to undo it once you've updated the regions.
You have to say "Update Region" in two places: 1) Tools | Options | "Update Region" checkbox, and 2) In the Stores | Regions themselves.
I typically leave the Tools update region selected all the time, then use the Stores | Regions checkbox whenever I want to update a particular region.
Be aware that any changes to graphics card (and sometimes just screen resolution) will likely cause region checkpoints to fail. Moving your tests between machines is almost guaranteed to cause region checkpoint failures. I wish I knew how to get around that one.
Good luck.
Chuck
PS: Remember to Undo the region updates. Otherwise, every single test will pass even if there are differences - they'll simply be updated every time.