Yup, you can use it without any issues. It gets it's power from the Ikon and reads the voltage from the Rx. Then, sends a separate signal to the Tx for the telemetry data. Hook it up, it should work just fine.
One thing that I can't remember is if the bind plug on the Ikon has power. If it does, then plug it into that channel and use the button on the Tm1000 to bind everything up. This will bind the Ikon and the telemetry at the same time. If it doesn't, I'm not sure how you are going to bind this system.
I took my TM off my 3GX, I may try this with my IKON, but the only thing I really found useful was the RPM and once its dialed in you don't need it anymore. Battery volts was handy to make sure you had a full pack at start.
One thread I read, the guy said the bind port doesn't supply power. I will also lose flight log data, (holds and frame loses) but I'm not to worried about that