Exactly so. This is why, if I've just learned a song with a fairly wide range and it feels about right in C, but a bit low, and for guitaristic reasons I don't want to do it in D, I snap the capo on the first fret, use the C cycle of chords, and it comes out in either C# or Db (whichever turns your crank). As long as it doesn't frighten the horses, I don't worry about it.

I can get as theoretical as anyone, but if push comes to shove, I tend to be a pragmatist. Whatever works.

Don Firth

P. S. Notations just under the song titles in the songbooks of Joan Baez, Gordon Bok, and others, if you want to follow the song as it's played on the record:

Key of F#m:   Capo II, play as in Em.