It should work just fine. The way I judge the temperature on my home made bending iron is to spray some water on the pipe; if the water just sizzles it is too cold, if it evaporates instantly it is too hot, so you need to be somewhere in between. The temperature can easily be adjusted by regulating the setting on the torch. The thicker the walls of your pipe the better as this will slow down temperature changes. I second the advise to get some inexpensive pieces of wood to practice with and to get a feel for the process before you start bending your instrument wood. Once mastered, the process is quite enjoyable. Even if you get a bending machine later on it is very conveninent to use the pipe for touchups, bending prototypes and fixing bending mistakes (like when you bent one side the wrong way

), and whatnot...
<edit> About the soldering iron: It might work, but I bet the torch will work better. I have now upgraded mine with an inexpensive electric "charcoal starter" heating element, which has a LOT more hot surface than any soldering iron I've seen, but it's just big enough.