I'm sure that would work, but that's their professional grade, HD video system. at $1500 it's a little much... you can build out a very decent FPV kit and get non-hd video transmission for much cheaper... I suppose it depends if you're looking for a super immersive, HD FPV experience, or like most of us you just need to kinda see what the gopro is seeing to frame your shots better.
You can build (or buy pre-made) FPV kits with a LCD display for only a few hundred dollars (USD), or if you prefer goggles last time I checked the crappy ones start at like $300 and the nice ones are up to $700 or so.
There's a million different ways to build this stuff, but the basics you'll need are:
-(optional) If you're installing a FPV system, go ahead and include a iOSD Mini for flight telemetry data
-video transmitter. 200mW on the low end, 600mW on the high end seems to be plenty for maximum range on the Phantom. MAny people use the immersionRC 600mW transmitter, but the Boscam transmitters are fine also
-video receiver. You can get a separate receiver and plug it into any display/goggles, or just get display/goggles with a diversity receiver built in. (diversity means it can take 2 antennas and uses the best signal from either one at any given time)
-antennas. this is actually one of the most critical pieces, and can make all the difference. You can save money by buying an antenna bundle for example
this one at FPVLR.com which comes with 1 Tx pinwheel (omnidirectional) antenna, and 2 Rx antennas... a helix (long range directional antenna - point at phantom) and a pinwheel.
you've still got a lot of decisions to make at this point. Do you mind some minor soldering? You might want to spec and build the system yourself as demonstrated in
this youtube video which shows just how painless it can be, as long as you can run a soldering iron and are smart enough to understand which cables are what (video in vs video out vs power). alternately, you can go with a 3rd party all-in-one kit which usually have "hubs" where you plug everything in with no soldering... for example the KumbaCam kit has a hub or if you use all DJI equipment such as the AVL58 transmitter, you can get their DJI FPV hub.
don't be afraid to run the video transmitter off the Phantom's power, the power draw is insignificant compared to the flight time loss due to weight if you use an external battery.