Sadly, no. You'll need another update cable from I don't know where, or will need to get a different flash cart if this one fails to meet your needs.
I found this elsewhere, but the results are questionable:
"It should work if you just put the files to update your M3 on the root of your MicroSD, then power your DSi on. When its powered on make sure you don't close the lid and just wait in the DSi main menu for a minute. That should work I remember reading this in the M3 forums."
If that doesn't work, refer to the first part of my answer.