Yes, that can be done. Yes, use GParted to create new and restore back to old partitions.
Be aware that grub2 menu in LL2.0 has been tweaked in a way that will result in LL2.0 not booting properly without a custom menu entry
if you keep the other linux version in charge of booting the computer. See this thread and
davesurrey999's solution on post #11 for description of what I mean:
https://www.linuxliteos.com/forums/index.php?topic=441.0.
If you allow LL2.0 to be in charge of booting, (by having its bootloader installed to MBR of drive), then you won't have that problem. However, you will need to use a live disk after removing LL2.0 experiment to restore booting to the original Linux distro. If it is an Ubuntu-based distro, here is page describing the procedure to do that:
https://help.ubuntu.com/community/Grub2/Installing#via_the_LiveCD_terminal. (On first read, it may look complicated, but it's actually not very difficult.) If
you're your other distro is something like Suse, Arch, CentOS, etc., you'll need to lookup whatever the procedure is for restoring their bootloader.
Have a look through info above and post back if you have any questions/concerns before conducting experiment. As long as you don't accidentally install LL2.0 over the other distro, you shouldn't have any problem doing what you propose to do.
P.s. When doing partition work, use GParted from a live DVD/USB -- not from your installed distro. I don't think it will let you manipulate the partitions on drive while they are in use by an OS. Also, be aware that most live disks automatically engage the existing swap partition on the drive. If GParted complains that something is mounted and it can't perform operation you are attempting, it could be because the swap partition is mounted.
(Just right-click swap partition and choose "Swapoff" to unmount.) Whether you run into that or not depends on how partitions are setup and where you are trying to make adjustments -- so it may not be an issue you run into. Just brought it up so you know where to look if you do run into it.
