Iron Will

Yes, that is correct. Due to how additive Damage and Crit function, it's still a fair stretch from "one of the best" Supports though. You need to go for Strength to make it work.
I checked this gem today and his strength bonus didn't applied to damage, only base. Maybe this is bug or smth else.
Iron Will grants Increased Damage - Increased and Reduced type modifiers are additive. You probably already have a decent amount of Increased Damage, hence the effect being below expectations.

Let's say you have 100% Increased Damage:
100 * (1 + (100/100)) = 100 * 2 = 200 Damage

And Iron Will grants another 20% Increased Damage from Strength:
100 * (1 + (100/100) + (20/100)) = 100 * 2.2 = 220 Damage

While it's a 20% increase, the final difference is 10% due to additive stacking.
The strength portion of the gem doesnt seem to be working in the current build 2.3.1b

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