No experience with that particular set, but it looks like a decent selection of tools. Hard to say if it's suitable or overkill without knowing what you intend to do (overkill if you mainly plan to swap out cables and adjust brakes and derailleurs, good selection if you want to get into truing wheels and pulling apart bottom brackets and whatever else).
Another low cost route (what I've done) is to buy non-bike specific tools at the hardware store when they are functional equivalents (metric wrenches, allen wrenches, crescent wrenches, screwdrivers) and buy bike specific tools individually as you need them. Because hardware store tools are so much more ubiquitous, you may find them at yard sales or craigslist, or when your local hardware store has a crazy sale. I think the bike specific tools I've bought have been a chain tool, the pliers you use for cables and housing, 1 cone wrench to fit my hubs, a cleaning brush/scraper.