No,the supply (your old adapter) is good for 1000 MA. The load (total of all outputs on the ledwiz) is what you have to worry about.
If the total load is more than your power supply (1000 MA) then you might be in trouble.
I think the LED Wiz that you are thinking of is looking at the USB power supply.
The LEDWiz (Im pretty sure) should be good for 500 ma per channel. So if your total load is less than 1000 MA you should be ok (unless the total load is on one output (channel ) of the LED Wiz, then its 500 MA Max)
I hope this makes sense. The total load (all outputs of the ledwiz) should not be greater than the power supply (in your case 1000 MA). Also, the load on any channel (output) of the LEDWiz should not be greater than 500 MA.