Hi,
That would probably work fine! I didn't find exact matches in the EPSG registry for Serbia, but I think that both are using Gauss-Kruger zones, but one has added the zone number as the first digit of the easting values. This is pretty common in Europe.
They do show an MGI or MGI 1901 Balkans zone 7 that has paraemeters that make sense--the false easting is 7500000. The scale factor is 0.9999. Many Gauss-Kruger zones I've seen use 1.0 instead.
It's possible one is using UTM instead. UTM uses 500000 for the false easting. But the scale factor for UTM is 0.9996. If the two datasets are offset, but not very much, it could be because of different scale factors.
What GCS/datum both datasets are using is unknown which could cause another problem.
Melita