Yes, if you supply power to the ADUSB1 board through pin 10 of the connector it will be properly powered. Pin 11 is used to supply power from the USB port to the connected board.
I'm not clear why you would need to power the USB board from an external source. You should only need to use it to interface between the target hardware and your PC. Why does it need to be powered up if it's not connected to the PC?