That will work, but the Sheevaplug also comes with a power cord (U.S. plug). You need to open up the case to remove the fitted plug and that reveals a socket where the cord connects. It is a fairly common socket type and you can probably find a cord with one of the European plugs which would work.
One of the suggestions I saw was to have /etc/rc.local run ntpdate to update the system clock at bootup. If you run 'hwclock --systohc' after that, the hardware clock should also be updated.