yes! that is basically a rotary polisher... make sure you get a decent quality backing plate though and be careful! if you havent used a rotary polisher before be mindful you can do far more bad than good
i got the silverline orange one which is slightly more heavy duty than the blue ones- got it from toolstation for 37. They do the foam polishing pads (much better than the fleece one you get free) much cheaper than the meguires ones too which tbh are a rip off at 10 each I know a guy whos a professional detailer: http://proshine-online.com and he uses a silverline rotary polisher, so theyre as good as anything else if used properly hes always doinf ferraris and porsches with it!