Hi Ryan,
The red-glow around the horse head silhouette is mostly H-alpha so the filter will give you some nice contrast there and it should turn out really nicely. The rest of the object is broadband and reflection nebulae rather than emission and the filter will tend to block most of that. The passbands for the duo are 10nm wide for each band. That's not the tightest around but it's tight enough that you will take out of the reflection nebulae. M42 is bright enough that it won't matter but M43 has some reflection nebulosity that you might miss.
I guess there's no harm in trying and it might turn out differently.
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