It will work undoubtly, but it appears that it doesn't work with Freestyler. Not that it matters much because Freestyler is for live shows and doesn't have a timeline so not really suited for your situation, but it says something about the product.
I think this is the software that comes with it:
http://www.artisticlicence.com/index...product_id=351
To begin, it doesn't work on Windows 7 or a 64 bit system! It doesn't give screen shots and it doens't mention if it works with a timeline or not. But it's a free download apparently, see what it gives...