Sure. I have been cutting foam since 1991, and this is the best power supply I have used. I recommend the light to know it is on. Other upgrades: I would and an on off switch so the position of the dimmer knob does not rotate, and I would use the type of connector that allows you to screw clamp down onto the banana plugs from your bow. (if that is what you use. My plugs seem to come out under very light pressure.
A couple of other things. Nichrome wire is touted as the best, I find it way too fragile. I use .012" steel stranded cable because I have a lot of it for 1/2 A CL flying. Otherwise you will break a lot of wires.
Build a small bow as well. Something with around a 6" opening. It comes in handy for cutting holes and carving. This bow will take about half the volts as you bigger one. The longer the wire, the more volts you will need.