Would this PocketWizard setup work?

I have been looking around but I can't seem to find the answer I'm looking for.

If I put a PocketWizard Plus III Transceiver on my camera and a PocketWizard FlexTT5 on my Nikon SB-700, will I be able to control the power on the SB-700 from the Plus III?

If not, which variable (Trans., flex, sb-700) needs to change?

Your Nikon camera controls the SB700 settings or any other SD700 or better.

Have you read the instructions on how to use the Nikon Creative Lighting System (CLS)?

Yes, I have some Pocket Wizards, but I use them when I'm in the studio using studio lights. Each power pack has a receiver and the camera has the transmitter, but I have to manually adjust the flashes output using an incident flash meter.

Controlling the Nikon SB700, SB800, SB900 and SB910 is all done from the camera and the feature is built-in to the flash units and cameras. No Pocket Wizard is necessary.

The cost of a Pocket Wizard system would match the cost of buying three CLS enabled Nikon flash units.

All you can do it read the instructions that came with PocketWizard FlexTT5 and see if that option is available to you. If you have an incident flash meter, you can make tests until you either figure it out or just deal with manually setting the flash output before each shoot