Yes. There's a tautology-style relationship between Good and Praiseworthy. That's almost tautological. If it's good, it's "worthy of praise", because we want what's good.

Doesn't that depend on whether praise actually accomplishes getting more of the good?

Praising someone is an action, just as giving someone chocolate or money is. It would be silly to say that dieting is "chocolateworthy", if chocolate breaks your diet.