I don't think Fair Isle knitting is as hard as the end results make it appear to be. The yarn is thin and there are about 7 stitches to the inch, so it is time comsuming.
I think before I'd tackle that particular sweater as my first Fair Isle project, I'd go with something with less colors so you can learn to read the charts and get an even tension with the yarns.
There are lots of simpler patterns out there, and the Philosopher's Wool Company has patterns that use worsted weight. Don't give up on the idea of Fair Isle at all--as I said it's not that hard. I just think that that particular sweater might be a bit much for a first time project.