Yes, packager will work great. IF you want to also backup the assets used with the route, you'll have to include those in your selection, but they will greatly increase the size of the package, including a lot of stuff not used by the route. You can be selective, however.
An automated way to do it is here:
http://www.trainsim.com/vbts/showthread ... kups/page2rwbu.zip contains a backup bat file which will back up everything for the route itself, and all assets that have changed or been added since the last backup.
I do the above, but then after every editing session, I also do a simple copy of the route folder over onto a different drive.