That mic will do you fine. I have an even cheaper Logitech microphone that I use now and I've had no problem with Ventrilo... even when outputting the inbound audio through my speakers ( of course I sometimes end up sending it through, but that's only natural

).
My own piece of advice, do not buy Logitech headsets. They are the biggest waste of money you will ever see. I purchased two quality Logitech headsets and they didn't even last 2 months each. The first one lost audio in the right earpiece and then the second started to get garbled audio in both earpieces after only a month! Unfortunately, I wasn't at the location where I bought them anymore, so I couldn't return them to CompUSA (none in my current area). I tend to attribute these bad breaking trends to the stupid volume control modules on head(sets/phones) these days. They tend to muss up inside and cause all sorts of problems, even when you try to take great care of them (like I did with my second Logitech pair... practically babied those things).
My poor Panasonic headphones finally died on me after they were sat on a couple years ago. I purchased some Seinnheiser headphones and my god, they're such junk. I get a constant buzzing noise unless there's audio coming through that I never received on my Panasonic or Logitech audio devices. I wonder if I get the noise when connecting directly to my computer... if Circuit City will let me return them...