Ultimately it's a bit more complicated than that.
Firstly the i1 Display 2 has been discontinued so Amazon's is old stock. I have it, it's a quite capable calibrator for monitor only, but I can't recommend a product which has been discontinued.
For calibration it's important for us to know what you're hoping to achieve. Are you:
1 Trying to get some consistency in your colour response?
2 Trying to combat colour casts in the monitor compared to your workspace?
3 Start a fully colour managed workflow to get accurate prints?
4 Trying to compare your monitor to a print?
5 Trying to make two monitors perfectly match?
Each has a different method and a different complexity. i.e.:
1 To get consistent colour response the calibration software simply must profile the display and check to ensure the grey parts don't drift off a neutral grey as lightness increases. All other settings should be left untouched including white balance.
2 If you're trying to combat colour casts then it's important to set your white balance to the conditions of your room lighting. Ideally your display should be the brightest thing in the room and your lights should be dim to ensure your eyes adjust to it. If this isn't the case (big windows, non-dimmable lights) then you need to adjust your white balance to your ambient lighting or your screen will have a colour cast.
3 Going down the colour management route is complicated. There's a lot to learn about different profiles, monitor profiles, working profiles, printer profiles, and "softproofing" between these profiles so you know for instance how your photograph would look on a different device.
4 To get accurate prints you basically need a calibrated lightbox as well or some really careful matching of colour conditions.
5 To match monitors you need to manually set everything. Your gamma curve, white balance, brightness, contrast ratio, etc.
On most colour calibration programs if you start them up and using the default settings you'll typically end up with number 2 in the list, except often setting white balance isn't important and the default value of 6500k is actually quite a bit crippling as it's quite far from the native white point of a typical LCD.