For $150, that will be perfect.
You will also need some sort of a panel. Either DIY one, or buy one.
This is what I used:
Primary/Secondary Flex Pro Panel
2nd one down:
http://www.hydro-smartwholesale.com/Panels.html
Read the manual on that water heater. It should kick on with demand. Assuming it does, the thermostat actually turns on the water pumps. The water flow them turns on the heater.
You will need to put in the vent per the manual. Some only need PVC, some need rated SS parts. A condensing boiler will need a water drain as well. If you do wood working, then you will also need to plumb in a combustion air supply to the boiler.
Do you want the man-cave to have a different temperature than the rest of the garage? If so, then you will need a two zone panel.
Page 2:
http://www.hydro-smartwholesale.com/Images/HydroSmart170-4PanelBrochure.pdf
DIY will cost less, but then you need to learn how to solder pipes. It can be done with all PEX or sharkbite connections, but then you will probably cost close to a completed panel.