Yes. Although you may want to consider a model that uses the SIRF-III chipset. It's a newer chipset that appears to achieve better lock more frequently.
Is this all I need to get my Destinator 3/Map Monkey setup working? Will D3 work with any GPS reciever?
Yup. I have the BU-353. I'm quite happy with it.
Ultimately, when the system gets installed in my truck, I'll be able to hide the GPS receiver under the dash for that "There's nothing here to steal" look.