It should work, although I can't say I've personally tried it cardless as mine's hooked up to a Pi2 at the moment. But it certainly works fairly well with BerryBoot (I helped beta-test the combination for WD, hence why I have the 314GB version as that's what they gave us).
If it were me, for the price difference I'd go for the larger one, but then I usually try to get as much storage space as possible (which I think of course fill anyway, but a little less quickly).