Yeah, the MPC will use either Type I or II no problem. Some devices are able to take advantage of Type II CF cards' better read/write speed, though the MPC is not one of them, so it really doesn't matter.
The only other difference between Type I and II cards is the card thickness... CF Type I is 3.3 mm thick Type II cards are 5mm thick. A Type I card will operate in a CF Type I or Type II slot. A CF Type II card will only fit in a CF Type II slot.