That'll work! It's a relative position calculator, needing your course and speed plus two range and bearing observations of the target. It figures out the target heading by using relative bearing plus your own course. Note that you would have to maintain the same course and heading between target fixes, so they really didn't have to get you to enter your course three separate times, but that is a minor annoyance.
As a technical point, on the top section it asks for the own ship course and on the bottom two it asks for heading. In some situations, like in a cross-current your heading will be different than your course and that could be why they did it that way. It wouldn't apply in SH4.
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