Mark,
Looks good! I saw the listing for this power supply on Amazon and it has a multi-turn pot for adjusting voltage, allowing fine control. At 300W max output, our application would be a conservative use of this supply. I checked my unit tonight when it was adjusted for a proper burn, and the voltage drop across the glowing nichrome pen tip (0.3 ohms) was1.48 volts resulting in a current flow of 5.28 amps or 7.8 watts of power.
The only potential problem I see would be the danger of accidently adjusting the voltage too high, as the burning tip requires only 1 to 4 volts to light up, depending on tip resistance..
FYI, I would recommend using 16 or 18 gauge nichrome wire for the tips. The tips I've made from 20 gauge wire were somewhat flimsy and bent easily when subjected to pressure.
Nichrome Resistance
16 gauge = 0.25 ohms / foot
18 gauge = 0.41 ohms / foot
20 gauge = 0.64 ohms / foot
Let me know if you do order this supply. Might be worth the gamble.
Jim