Great question. Since I just also ordered another HTC One X for my wife today (knowing that I can now root it no matter what, Yay!), I'm also curious if this tool works on 1.85, so I:
#1 Backed up my data (with TWRP, then mounted the phone to the PC and copied all the SDCard folders over)
#2 Re-locked the bootloader with this tool
#3 Ran the HTC Stock 1.85 RUU Firmware to go back to factory/bone-stock 1.85 (I've never upgraded to the 2.20 firmware)
#4 Enabled USB Debugging, then opened this tool again
#5 Ran the X-Factor Exploit (on stock unrooted 1.85, just to see what happens)
#6 I didn't get the two backup authorizations on the phone or anything, just ADB 1.0.26 command-line help garbage. See screenshot
EDIT: I also just got my wife's new/refurbished HOX for $9 directly from AT&T today and it arrived with 2.20. This happened again, so this toolbox version of the script really is broken, at least on Windows 7 32-bit. Ahh well, no biggie. I was able to successfully root it by downloading the X-Factor script from the original source/sticky thread. Then I used the rest of this handy tool to unlock the bootloader and successfully flashed TWRP on.