1. It should.
2. The only pro would be if you are critically low on disk space -- you'd recover some. Cons? You're working without a net.
I have seen references to "turning off System Restore" to eliminate files - will this work for a file in C:\_RESTORE\ARCHIVE\....? I had 26 files that my antivirus would not clean, delete or quarantine but now have the number reduced to 1.
Also what are the pros and cons of running with SYSTEM RESTORE turned off?

Chowhound
Comic Vine
GameFAQs
GameSpot
Giant Bomb
TechRepublic