Yes, the SkyRadar will supply the GPS signal to the iFly 720 through the Wi-Fi connection. You need to make sure you select the option to use " ADS-B Position Data" under Menu -> About -> GPS Information.
The iFly 720 will then use the SkyRadar GPS data first, then if the SkyRadar loses signal it will try the internal GPS signal. Essentially giving you a redundant GPS signal. I hope this helps.