If you want to use the Toucam for DSOs ... then yeah, you'll need to spring the extra $$$ for the long exposure modification.
To be honest, the Toucam is much better at planetary than deep sky, although that shouldn't stop you having a go if that's what you're interested in. Some guys here on IceInSpace have managed reasonable results.
Keep in mind planetary imaging is a different animal to imaging deep sky objects where you really need to get your tracking working nicely.
The adaptor screws in to the same thread as the lens which comes in the box with the Toucam which you can throw away, unless you plan to use the Toucam for its intended purpose as a webcam.
Yep... Toucam and adaptor are all you need to get started. All you do is slot into into the eyepiece holder and away you go!!!