Yup, that'd be the one. It cuts like an angle grinder on steel, and does a very fine job of keeping your waterstones in great shape. Something else you might want to do is after you get it, just go down to the local hardware store and grab four of those little rubber 'feet' like you'd put on the bottom of a ceramic coaster or a desk clock. Stick those on the back out at the corners where they won't interfere with the fit on the EP, and it makes a great bench-stone for heavy profiling work as well. I've used mine a number of times that way to take small nicks out of chisels and things like that.
When you're using the diamond on the EP, the trick is light pressure! Heavy pressure won't make it cut any faster, and can actually pull diamonds out of the plate. The weight of the plate alone is more than adequate to make it cut like crazy, especially since it's twice as wide as the stock EP stone. You'll probably never use your EP 120 stone again after you get it, it just outclasses it in every way, and the 220 does a good job of cleaning up the diamond scratches.
When you lap your stones with it, keep them wet just like you would when you are sharpening. My usual method is to draw a sort of grid of pencil lines very, very lightly on the stone, then just hold the stone and the diamond plate under a stream of running water in the sink, and rub the faces together. Every few strokes I'll flip them end-for-end in my hands to make sure I'm not pressing harder and taking more material off one end or the other. When the pencil lines are all gone, the stone is perfectly flat again and ready for more service. If you do it every couple knives, it will only take three or four light figure-eights against the diamond to have it done, very little material comes off.