will this kit work?

Well yes that is one way to get a Can Bus port for the iosd & probably the better way to go . It is a good bit of work doing it I am doing it right now for a 1.5 conversion .
You can just get a PMU v2 for the extra Can Bus port less work more weight around $65
One thing to keep in mind is weight on the P1 is it's worst enemy . My 1.1.1 with FPV gimbal & GoPro with iosd I was getting around 5-6 min. Flight time with the 9X5 P2 props 2800 mad dog battery .
I think if you pice together a FPV system you'll be around the same price with the P2 board or PMU V2 on witch ever way you go .
If your good at soldering and have patients get the P2 board I can look for the vids later (on my phone now) when I'm in front of my computer or do a search on YouTube on both installs and go the route you fill most comfortable.
Welcome to the forum !
 
I'm pretty good at soldering and have some electronic background after 20 years working on cars
 

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