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Garland,
It would probably work, but it is hard to tell what comes with it. You can get a regulator with a bubble counter and needle valve attached (can't tell if this has either?) for just a few dollars more, and you will know it is ready to go.
Keep in mind, you will need to buy a Co2 tank as well, which will set you back 50-150 bucks depending on size.
Also, you will need to consider a method for diffusing the CO2 into the water. The bubble ladder you are using is great for a DIY system, but won't be very efficient for what you can do with a pressurized system.
Just curious, why the change from DIY? I hope nothing went wrong with my old system that you are running?