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It's always shocking when people blow off Valentine's Day as a "Hallmark Holiday" and refuse to acknowledge the women in their lives because of it. Guess what? It's not about you, it's about the girl. It is every woman's dream to have an amazing Valentine's Day. They wait for it for weeks in advance. If there's one time where it's appropriate to put a woman on a pedestal, it's Valentine's Day. Fuck what everyone tells you about acting like a beta male and that she won't respect you - those people are socially retarded and will never have a stable relationship until they grow up.
So to directly answer your question, hell yes, take her out if you like her and show her a good time. OP, you've already expressed the fact that you know what to do, and that's refreshing to hear. Go for it.
Edit: I do want to add that you need to be careful not to go too over the top. Since you haven't seen each other that much yet, focus less on a tangible gift and more on having a good time. Think of something low-cost yet creative and you'll win more points that way.
The easy response to this would be that you shouldn't treat a girl like gold only one day of the year.
Wow her with your personality, charm and decency all the time. You don't need to conform to a stupid valentines day idealogy. The problem is that most "men" are shit and can only be real men on february 14th.
If you treat her the way she deserves to be treated, and she still expects an extravogent (or any) Valentines day, then she doesn't deserve you