Reply to Mapping Idea....will it work?

SO. I'm fairly new to mapping.
I've done a bit of custom cue point layouts for my keyboard but I've never actually really mapped a controller.
I've been making some more advanced routines lately and I've wanted to purchase a controller or the KONTROL x1 to use with my regular setup.
Here is my cheap solution......
will this work?

http://img5.cherchons.com/marchand/w...2090_zoom.jpeg

NOW. I plan to use this with my regular, external setup.
Here are my questions.

1-Can I map the jog wheels to do a mapping like Ean's s4 mapping?
2-Can I use this JUST to control FX since I am mixing with a CDJ and turntable?
3-Has anyone every mapped this to effects? How long do you believe this would take a noob like me?

My budget is fairly small so this seems like a cheap solution. Please give me some feedback before I throw some money at this.

THANK YOU VERY MUCH. "