Right now:

• our lead funnel starts with web-to-lead form creating a lead  in CRM
• CRM triggers a function built in creator that sends an email product list to the lead.

Ideally, I would like to be able to see in CRM if the lead has opened the email etc. 

With this sort of workflow that we have, would the Campaigns module work for us out of the box?

The difficulty I see is that the email that goes out for us is based on certain rules of inventory and isn't static. It sends a price list and because those products and prices can change often, we create a function to get this information and then send the email to the lead.