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Hmm. Hopefully it will work. The only reason I asked was because I have had games try to re-update themselves even after I disable the automatic updating - ceasing availability until the Internet is brought back to this PC.
Thanks for the information. It would be greatly appreciated if someone could test this out and let me know, but it isn't necessary since I have no other option other than using Offline Mode. Besides, I already purchased this and sent it as a gift, so I might as well continue with the download/installation regardless.
It will work, and you can re-sync back up with Steam Cloud if you ever want to change computers and keep your stuff, just make sure you go online, start torchlight on comp 1, exit torchlight, let it sync-up, log into steam on comp 2 and load it up. Everything should be as it was on comp 1.