I'm sure there are going to be various opinions on this (it is the internet after all) but as written it doesn't allow you to bypass the specific note in the UMD skill. It only allows you to "take 10" when you would be too distracted/etc and would work with skills that allow "take 10" normally. The only ability I could find (doing a quick search through the pdf) was the Bard's 19th level ability which states you can "take 10" on skills that you normally wouldn't be able to do so with.
Depending on your group's access to books and your character concept if you really want the ability to take 10 on UMD checks take a look at the Warlock class in Complete Arcane. It will cost you 4 levels if I remember correctly but you will get access to a couple of nifty rogue appropriate abilities and a short range attack if you are in a pinch as well so you might want to take a look at it.