if im looking for a cheap solution is this it?
It's not the *cheapest* solution out there, other people here can speak to what else can work. I err on the side of paranoid when it comes to my work, I don't want to fuss with potential areas of failure, so I tend to buy gear that I know will work. PocketWizard has been that for me, and at $100 a pair that's the cheapest PW on the market. So let's say this is the low of the high end in radio transceivers.
And yes, any transmitter/receiver combo will do what you need to do. What you might want to check for is what kind of ports does your speedlight have to accept a trigger: some flashes only have a PC port, some have a miniphone port, some have both, and some have neither. If neither, you'll need a special adapter or a specific kind of transceiver that mounts on the foot of the flash.