It should work based on the info from Poseidon's website:
"The BeSea W50 is made for equipment with a negative weight in water that does not exceed 19 kg (41,6 lbs) and has a lifting capacity of 225 N."
I started diving double HP120s with DR classic wings (50lb lift), SS backplate, and an old compressed wetsuit. This worked fine until I tried adding 2 LP66 stage/deco bottles. So consider carefully what you plan on strapping on to yourself as well.
I now dive twin faber LB108s with Al stage/deco bottles, larger wings (55lb or 100lb), SS backplate, and a newer wetsuit or drysuit.
Also whatever set-up you choose, use it in a controlled environment (pool or spring) before using in the open ocean, so you can test and fine tune your buoyancy before jumping off a boat on a deep wreck! I can't stress this hard-earned lesson enough.
You may be able to rent/borrow other set-ups you are considering for pool tests.
Good Luck!