Yes it would work, but you should be aware of what to look for in an atomizer for DMT. I was dead set on making DMT eliquid work for us. Our experience is with the Smoalk "Big Baby Beast" (BBB) which appears similar to the one you are looking at. We had fantastic experiences with it at first, but eventually saw many drawbacks/hurdles. I'm still convinced that it is an ideal way to smoalk, so hopefully these tips will help.
Have you figured out what concentration you want to make the eliquid? You don't need a really powerful atomizer to get a good hit. Our eliquid was a very high concentration - around 1g DMT/1g PG/1gVG. This paired nicely with a M2 .25 ohm coil - the smallest you can buy from Smoalk. It hit the sweet spot around 20-25w, and 1 single inhale could send most people to an instant breakthrough. I imagine that any atomizer with a nominal 50w would be ideal. No need to blow clouds unless you're into that.
The two main flaws that we experienced are severe leaks, and inconsistent hits. The BBB never leaks with normal eliquid, but I found out the hard way that it likes to waste DMT. To start, we stored it upside down to prevent leaks. Unfortunately, juice will run down from the cotton over time, and you'll lose your precious golden nectar. When stored upright, it will leak given enough time. Atmospheric pressure changes, and temperature changes cause it to slowly leak out. Whatever you do, don't drive over a mountain, or the elevation change will force all of the juice out. Usually the inconsistent hits went like 1st person gets cannon balled into hyperspace, but each person after that gets less of an experience. It really was a downer when trying to share. That first hit was always fantastic, and very strong though! The flavor starts to go off very quickly with these coils. I think it starts to burn the DMT over time, and it tastes horrible.
At the moment, we are re-evaluating the vaping method. I purchased a ceramic doughnut atomizer that some have raved about. It works, but it definitely isn't as smooth, and you just can't get as much DMT as quick as you can with eliquid. I think when we go at it again, we will do away with the tank idea all together. I honestly think that an RDA would be much more suitable for this purpose. It would give better control over each hit, and probably eliminate the leak problem. I haven't tried it yet, but
"The Maze" really caught my eye. It has a gimmicky flat coil that is unique for an RDA, and minimal cotton. This doesn't really do anything for us nicotine vapers, but it appeals for DMT due to the minimal wicking material. I think this would be ideal to prevent leaks, and to meter the dose better. The reviews are mixed for normal vaping (something about dry hits), but I think it should produce good hits if you drip just what you need on it. The only downside for me is that it's designed to run at a higher wattage (50-100w). This could be adjusted by making the DMT eliquid slightly less saturated. I bet it would run just fine at 40w.
Hope this helps!