I think you'd be better off planning on making bigger brews, and not having 70% efficiency (until you have the system dialed in)... Plan on 60%-70% initially (hoping for better) for the biggest brew you can imagine ever making...
For me, that means converting my 70 quart cooler into a mash tun makes sense (my BIAB efficiency is 78-82%, will need to dial it in again for cooler MLT use)... I'd rather plan to have MORE capacity than I think I'll use, than just enough to eek by... I'd also rather be ready for making 10 gallon, big brews, without purchasing additional hardware... I also like to use more than 1.25qt/# when I mash... I seem to get better extraction that way... Basically, I mash with as much water that I can, with the grain bill, and then sparge with what's left... With the 32 quart pot, that's done pretty well (been a little tight in the sparge pot, but that's about to change)...
Either way, unless it's a large price difference between cooler sizes, get the biggest one you can afford. I don't think you'll ever regret going that route... I've yet to hear anyone say that they wish their MLT/converted cooler was SMALLER... Besides, unless you drill the cooler (most large ones come with a drain spout) you can always convert it back into a cooler and use it.