I've done exactly what you describe with a pair of Outdoor Engenius units at a golf course, can't remember the model at the moment. I too found it very easy to set up. Be sure to use nice strong WPA2 AES encryption, with a nice long key, as you can easily paste the key in between browser tabs when setting these up. I also hid the SSID just so it's a bit cleaner. I also seem to remember having to update the firmware as it was a bit unstable before I did that. Called tech support and they said "Oh you need to update the firmware".

It will act as a "client bridge" which means it is fundamentally similar to having a cable connected, passing broadcast and multicast traffic, operating at layer 2, seeing only MAC addresses. So you'll need to do IP access restrictions on either at a layer3 switches or your routers.

If, on the other hand you wish to do MAC level filtering you can do it on the Engeniuses themselves or a smart switch.