It should work... Though when I originally tested it(over a month ago) it couldn't find the required files. It turns out the Nitdroid site(where the images and kernel files were kept) was down. It's back online now so it should be okay.

However I recommend installing Nitdroid manually. That's how I did it and it was pretty easy. The best part is you can avoid the many problems that some peeps have been having by doing it step by step instead of running a script and not knowing what it's doing...
Having said that, the script does some useful things like installing a file manager and tweaking the cpu and vm memory...