yes it will. but the easiest & fastest way is to buy our ck3/pmt probe combo, and extract dummy.bin using the pmt probe, then just erase & write LT firmware. no cuts,soldering, etc.
ck3/pmt combo:
http://www.diygadget.com/x-360-connectivity-kit-v3-and-pogo-mo-thoin-pmt-combo.html