Can the following be done...


On my side of the field I have a Face-Up Giant Rat (1400 ATK ) My Opponent has a Face-Up Archfiend Soldier ( 1900 ATK No Effect )

In My Main Phase 1, I activate Last Will...

In My Battle Phase I Attack Archfiend Soldier w/ Giant Rat...

Giant Rat Dies, I lose 500, get Giant Rats Effect / Search for 1500 or less card for Rat Effect...

Can I now activate Last Will's Effect and get another 1500 or less Monster from my deck and continue Battle Phase?

Yes, as long as you are playing traditional and not advanced ;)