No, it's not just a matter of sticking a low to high Z transformer on and calling it a day. There are issues of level change and optimal impedance to be considered, and getting the tone to be translated accurately. The volume knobs are not exactly volume knobs -- they are also matching impedance as well. Check out the Little Labs website for more insight: www.littlelabs.com
It'll work... the question will be more of the tone of the transformer's character than anything else... there are a whole lot more shitty sounding transformers out there than good sounding transformers.
BTW... I don't know where you got the $600- number for a Littlelabs tool... most of them are way less expensive than that.