The connection scheme you posted looks ok IMHO.
IIRC there have been versions with (MSP2807) and without (MSP2806) touch screen. From your picture of the circuit board I would guess your display has a touch screen. So in principle touch function should be possible but would probably require additional connections between display and PI.
I would say: Try it 
Before executing step 6 of the instructions additionally run
sudo apt-get -y install xserver-xorg-video-fbturbo