Does it follow then, that if I create another, new, armory wallet, alongside the first armory wallet, and transfer the contents of the first wallet into the second, (maybe even delete the empty first wallet) that only the backup of the second wallet is relevant, and the backup of the first wallet is of no security value to anyone?
tia
When you say "transfer the contents", I assume you mean "send the coins" from one wallet to the other...?
In that case, yes. If a wallet has no coins left, and you are not expecting anyone else to send any coins to any of the addresses in that wallet, then you can safely discard that wallet.