SpudRo
No, the ost-config.php only points to a single database. So if you had another db installed that would not be affected as long as the config file has the correct DB info.
If we did have a dump feature it'd be the same as doing a full MySQL dump, downloading that to your local pc, and then you'd have to upload it to the new server. It's actually easier to do this at the server level so you don't have to download anything locally; you could simply sftp or rsync or something from the old server to the new one.
Cheers.