Add xcode-select to PATH or Install Xcode Command Line Tools?

Question

Now, using Xcode 4.5, is it possible to simply add the following line to my ~/.bash_profile instead of installing the Xcode command line tools?

 export PATH="$PATH:`xcode-select -print-path`/usr/bin:`xcode-select -print-path`/Toolchains/XcodeDefault.xctoolchain/usr/bin" 

Note. Xcode reports the following about command line tools:

Before installing, note that from the terminal, you can use the XCRUN Tool to run compilers and other tools built into the Xcode Application. Use the XCODE-SELECT tool to determine which version of Xcode is active. Enter "xcrun man" from the terminal to learn more.