Re: Wonder what this is/does?
With the isolator, you won't need to add a switch. You could if you want, but think it would be redundant. Adding the switch will also add to your workload. The isolator is nice, (wish I had one). The isolator will charge BOTH batteries automatically. With an Off-1-both-2 switch, you will have to do the switching (choose which gets charged - isolator job).
I would install an ON-OFF switch to isolate the batteries from engine and house accessories. When your done for the day, switch it off and there are no worries of dead batteries next time.
Hopefully your batteries are separate meaning, one ONLY for engine, and the other ONLY FOR HOUSE.
Some isolators have a button at the helm that electronically connects both batteries together (if engine batt is dead) to start the engine. With your Off-1-both-2 switch, you'll switch to both to do this.
Hope I made sense. Good luck, and happy boating!