Load balancer for remote websites

Hello people. I wanted to ask a question about load balancers.
I am working on a project for a module in my class for distributed systems. I want to create a load balancer (nginx as far as I researched is easilly installed and can be configured for many servers). For a web hosting server in a shared host and a second one that I wish to acquire for free here with the posts. I also want to create this balancer in my local vm server. Is this possible? In configuring the nginx.conf file I know that I can change the following parameters.http {
upstream myapp1 {
server IP-of-remote-server1;
server IP-of-remote-server2;
server IP-of-remote-server3;
}

server {
listen 80;

location / {
proxy_pass http://mysite.com;
}
}
} Will this work?