I would say the one picturerd is an overkill, a smaller, lighter and probanly cheaper one will do. I have one that is separate segments held together by o ring, different design but serves same purpose.
The bung is there to set the preload on the headset bearing, doing up the stem bolts is what keeps it all in place.
I use a steel bolt to set preload, tighten the stem bolts, then replace by alloy bolt.