Pretty much. Although in most goblin-themed adventures, you'll be throwing LOTS of goblins at the PCs. And that can end up giving out too much treasure overall. You'll want to keep an eye on the total value you hand out over the course of a level to make sure the PCs wealth stays in the band you're comfy with.
And that said... it seems like lots of folks tend to not bother looting goblins, if things on other threads on these boards are to be believed... so maybe go ahead and give them nice things! :-P
I'm formulating a player-driven exploration/sandbox type game. So while goblins won't be the main theme, they'll be involved. I've just been using them as an example, though I plan on including the other standard evil humanoids, so the horde concept could apply to them as well.
I'll be including non-intelligent and other low treasure creatures on the tables, so that should, in theory help balance it all out.
I'm just trying to figure out that sweet spot between maintaining an organic and natural feel, quick GM prep, and keeping within reasonable WBL boundaries.