Yes, you can use the VMware Converter to convert the VM to VMware Workstation/Player format and save the files on your PC.
Then, once it's done, run the converter again choosing the VMware Workstation/Player as the source and your virtual infrastructure as your destination.
However, if the new VM is more than 50gb in size, you may have a space problem. You may want to, on the final page of the VMware converter when moving the VM back to your vSphere host, make sure the disk is set to THIN provision...
Good luck!