Yeah, that will probably work just fine. You may need a T8 or T9 security bit to open your controller (although most kits you buy include them for free.)
You are safe here with the Arbiter, but usually you first have to determine what type of controller you have (CG, CG2, Matrix, Matrix2,...) before you buy a mod kit to make sure it will be compatible.
I've never worked with the Arbiter, but I'm sure you will be fine.
Here are some installation instructions that I googled.
http://www.rapidfirehell.com/As long as these instructions don't seem confusing, I am sure you will be fine. If not, just post some pics of your install and where you are having problems and I'm sure someone will help.