I'm not a fan of Nike
at all. I picked up the Nike+ thing for my nano and did a little hack (not wanting to spend $20 on a pouch).
Sewed a strip of velcro onto the tongue of my shoe, super-glued the other velcro half onto the Nike+ sensor and voila! It works like a charm and is sure not to fall off.
So in short, YES, the pouch will work just fine.