Kinda sorta, if you want to get technical (indulge me).
The end of Stormbringer happens, then slots in around Infiltration #4 (I think it's four).
I'd definitely read Infiltration first, but YMMV.
And the IDW Collections are the best way to get started. Over-sized, better value than collecting the individual trades by themselves.
Five volumes are out to date (the latest came about two weeks ago, and should be instock at DM places like Amazon very shortly, if not already).
They're also much wieldier to read than the Premier Editions. There were two of those, and while they cover what I consider to be the best material (besides Last Stand Of The Wreckers), they are simply too big to really read comfortably in bed, and definitely not something you'd want to drag around in public.
If you don't want to read the 'old' stuff, then starting next month, I'd recommend picking up either/both of the two new ongoing series: 'Robots In Disguise' and 'More Than Meets The Eye'. Both start fresh with issue ones next month. Different casts, different objectives. You may find you prefer one to the other, or are interested in both.
Either way, they're perfect for someone looking to start fresh, and not wanting to delve into the past IDW material.