Can I use one side as output to record and the other input to talk to someone on my iPhone 5s?

I am a writer and want a way to directly record to Audacity on my MBP. I don't like the apps because they are hard to use and/or expensive. Would this work if I use one side of the Y to hook up the headset so that I can both talk and listen to the person I am interviewing and the other side to use as output to the computer? If this won't work any other suggestions?

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