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correct
thing of it like gearing (assuming all the max pressures are in order) If you have a small pump driving a big motor it is effectively geared down.
IF you have a large pump driving a small motor it is effectively geared up.
For low tech applications like this one, if speed really isnt an issue (Ie you can start it let it run while you walk away from it) then a power steering pump isnt a bad solution
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Your average automotive p/s pump may be a bit small and slow for this application. On that note, i did however reseal a p/s pump, from a ZD Fairlane i think, that was being used to drive the bat reel on a baby plot harvester/header. Chain driven from a shaft on the front, so it only runs when you engage the front. Simple and effective.
If speed isn't an issue, stick to a smaller pump, 10cc, even 9cc and it should do it easy. Everything will run that bit cooler and you won't be taxing the engine quite as much. Currant hoses will be ok.