Hi Praneeth,
SAP MII is Techno Functional. Whatever the knowledge you mentioned above is bit enough for start-up.
SAP MII most of the time it interact with different Modules and it works as mediator in between Shop floor and ECC.
My opinion, as you are from Core PP module, it will be bit deviation from your module. But for Knowledge gaining and expanding your horizon into Top to bottom of Manufacturing, it will 100% good.
For more information and Knowledge on SAP MII, go through below links
http://fm.sap.com/data/UPLOAD/files/SAP%20MII%20Positioning%20091709.pdf
Regards,
Praveen Reddy