I am running version 0.4.412. If I update to the new version will I have to re-add all my books, tags, etc. individually?

Hopefully not, but keep a backup of your library folder to be sure. And if you can find a 0.5.x version, i'd recommend upgrading to that first then to the 0.6 series.

It worked. Everything got transfered over going straight from 0.4.412 to current version.

Glad to hear it. I do try to be careful to ensure that doing this will continue to work as calibre evolves, so it's always god to hear that it actually does work :)