I can confirm 3.11 to 4.35 works just fine. However, depending on how much work it would create (exporting content from 3rd party modules mainly), you might want to then consider exporting the site from the upgraded 4.35 and importing it to a fresh 4.35. It's a great opportunity to dump a lot of old files and get a clean setup.
Don't forget, you'll need to change the domains over to ASP.Net 2.0 at some point during the upgrade.. it'll conk out somwhere along the line.
Also, after running the upgrade version of 4.35, go through and upgrade any modules that you are using in the site by uploading the PA's provided in the Install version of 4.35. Do this prior to exporting any portals so that their content comes along with it. Most, but not all, modules support this feature. Skins have to be copied over manually for some reason.
You will probably also have to upgrade any third party modules... many have completely new versions that only work on 4.3x. If you're exporting the portals into a fresh4.35 make sure it has all needed modules pre-installed.
I found this the best way to shed all the old code and get all the 3.11 sites into a solid fresh 4.35.
Good luck!
Rob