yup
one note of caution: Unlike most bits, the tapered bits sometimes are sold based on RADIUS not DIAMETER. Easy to miss, and results are not nearly as nice if you get it wrong 
so this would be a 3mm ball (hence close to the 1/8") they also have them much smaller if you want to go to much finer detail; I often use the 1mm version of these for maps like Red Pin Terrain carve and The three volcanoes of N Oregon and S Washington