Yep. Make sure your in orbit when you equip it, or at least leave the tower and come back before you decrypt them. Apparently it doesn't register the changed stats until you load new locations. That's just rumors, though, so who knows. Doesn't hurt to do it really, though.
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It seemed to work perfectly for me. Once I decoded an item that helped my light level, I equipped it and then the next item to decode was ALWAYS one for another slot. For example, if I got some new gloves with higher light, I would choose a helm or boots.
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Good point... maybe maybe not... jumping to orbit isn't that big of a deal. thanks