depends on the size of the area you're gonna grow in. Hps can get pretty hot. I only have a 360w hps and it heats up my little closet. If you have the space and can keep everything cool then yeah that's a great set up. More light = bigger better grows.
To germinate your seeds & veg your seedlings into plants, yes it will be. Once you start your veg cycle it will be an outstanding light to use depending on the square footage of your grow space.