Yes, its that simple, although there are a few details that could be approved upon. Electrolysis works by line-of-sight, so you want your part to be surrounded by cathodes (the sacrificial steel in the video). My setup is in a 5-gal. pail, with 5 pieces of rebar the full depth of the bucket attached to the inside perimeter with a zip-tie. The cathodes are then all wired together, so iron oxide is drawn from the part all around it. I use a piece of PVC to suspend the parts from. Works great. The vinegar bath at the end is just a neutralizing bath; it doesn't require immersion of the part, IMO. The power supply matters, as I believe the power requirement is a function of the surface area of the part. I haven't done any further research, as a battery charge is what I have and is what works for me!