No probs drusif!
Yes... but using this method you'll have to move each separated region to a new track with it's own Software Instrument and EQ... in order to process it separately... just to let you know... the track lane created now all reference the same Channel strip and the therefore the same SI and effect plugins.
Working with Multi-output instruments (like EXS24 and Ultrabeat) make this process very easy ;-)
The subscription is the best way to go without a doubt... start with the Logic 101, there's lots and lots of comprehensive info there and yes, you if you need to cancel you can do so whenever you wish... and resubscribe whenever too.
Personally, because the new content constantly being produced, I think it's money well spent! Try it out and see what you think.