Yep. You can use it for 4, 6, or 7 strings too, but you'll have to figure out the notes on the other strings. It follows a pattern though.
If you have 7 strings, you have the whole circle next to there on 1 fret, so you can do a whole 7,3,6,2,5,1,4 on some of the frets...if you understand what I mean.
Being a board player, I knew some theory already, so that's how I approach learning the bass. I listen to the recordings of all the music I like and figure out the patterns of the fills that the bassist use. Once I know the pattern, and with some finger training, I can play the same thing.