"Thank you, bye."
Yes. Cześć can also mean honour,glory,admiration i.e. Oddaję cześć Bogu.=I worship God (lit) I give glory to God.
That's why when you greet someone or say farewell using 'cześć' you say 'glory to you', but you don't even realize that. :) Of course cześć is 'hi' 'bye', the example above is a piece of trivia, explaining (possible) origin of the word.
It's interchangeable, so yes. It's like saying "Aloha" in Hawaiian, something like that anyway.