I think this could be effective for some flavor reduction and to some extent particulate removal. Whether it will be useful for your needs depends on your water and your requirements.
For instance, we have chloramines in my city. Therefore I cannot use my tap water for brewing, unless I treat it with Campden Tablets to remove the chloramines. Most water filter systems are not suitable for removing chloramines.
As for iron, I think the best bet would be a water softener, followed by an RO filter system. You can buy an RO system online for about $130-150 (and up) depending on the number of stages and amount of flow required.
At this point you are talking about investing in your hobby. It's not a cheap option, but might be worth it if you brew often. I am currently buying my RO water, but until the grocery store set up an RO machine, I seriously thought about an RO system for brewing and for the coffee machine, etc.
I recommend going to Ward Labs online and sending them a water sample. You can use a plastic wter bottle from the store and after flushing your water for 5 minutes, fill up the bottle with your water and mail it to them along with a filled-out form you downloaded from their site. Cost is between $21 and $30 depending on whether you want the household mineral test, or the "brewers" test.
That will give you an idea of what you have to work with for your water. Then you can smartly choose your water treatment solution.