Yep, that would be the tool to do it- its commonly called a rotary machine. And the Harbor Freight model closely resembles a real one. Not sure if it actually works, as that is a common failing of HF tools- they look a lot like real tools, but sometimes are not. A real one, of course, costs over $500- Roper Whitney is the name in new ones.
To learn how to do this, I recommend the book "sheet metal shop practice" by Leo Meyer, ATP books. Usually you can find one on abebooks.com for 10 to 20 bucks. This is the apprentice textbook, walks you thru sheet metal procedures from start to finish.