It would, but Penguins have the annoying habit of having their BioWheels stop rotating occasionally.
The Emperors (same company, same concept) have spray bars which hit the BioWheels, which, among other things, tends to keep them spinning, from what I hear.
And, personally, I think a 400 is overkill (especially if you have a lot of plants), and an Emperor 280 would be more than sufficient.
edit: by the way, if you're planning on ordering online, the prices in that link are not the best. You can find them for $3-7 dollars less at www.drsfostersmith.com or www.bigalsonline.com.