That is the bare minimum to do any sort of board work. Radioshack irons are worthless. I have the wes51 and I've had the same tip on it for 3 years. It'll reach operating temp in about 30 seconds and maintain tip temp as long as it's on. The Radioshack type irons are not stable. Any tech is only as good as his/her tools. If you can't solder with a Radioshack iron, and do things like burn the flux off before the solder flows the joint or even fry traces right off the pcb, it could be because your pos Radioshack iron is 800+ deg.
EDIT - Coldheat is worthless btw.