Would this HID bulb work in my 15Mcp Cyclop Thor Platnium..?

That kit has two ballasts and bulbs but the H4 bulb type should work if the halogen has the same base. You might find a cheaper 50W single bulb + ballast combo somewhere.
 
Pics of a conversion HERE. There is plenty of room to mount the ballast. The H4 HID capsule should drop right in. In the link, I was using an H7 lamp so had to machine an adapter.
 
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